The 4-hour chart of GBP/USD shows a bearish structure. Especially since the pound-dollar currency pair is under the Ichimoku cloud.
If the recent downtrend continues and pound sellers enter the market, the pair could fall to the first support at $1.1967.
In contrast, there is a possibility that the British pound will return to the first resistance at $1.2182, which is well aligned with the 50% Fibonacci retracement.
If the recent downtrend continues and pound sellers enter the market, the pair could fall to the first support at $1.1967.
In contrast, there is a possibility that the British pound will return to the first resistance at $1.2182, which is well aligned with the 50% Fibonacci retracement.