As I explained a few days back, GBPUSD reversed from resistance and confirmed the bearish case by breaking under the confluence support zone.
The market reached as low as 1.3450, before recovering part of the losses, with price currently hovering near the 1.3500 handle.
The key question now: is this just a corrective bounce, or the start of a deeper reversal?
From my perspective, the broader structure still favors the downside:
• The recent recovery looks corrective in nature, lacking strong bullish momentum.
• The previous confluence support is now acting as resistance.
• Macro factors and USD strength remain supportive of further GBP weakness.
As soon as this correction completes, I expect the bearish leg to resume, with 1.3200 remaining my downside target.
For traders, this means opportunities will likely appear on short setups after spikes into resistance, as long as 1.36 is not decisively reclaimed.
The market reached as low as 1.3450, before recovering part of the losses, with price currently hovering near the 1.3500 handle.
The key question now: is this just a corrective bounce, or the start of a deeper reversal?
From my perspective, the broader structure still favors the downside:
• The recent recovery looks corrective in nature, lacking strong bullish momentum.
• The previous confluence support is now acting as resistance.
• Macro factors and USD strength remain supportive of further GBP weakness.
As soon as this correction completes, I expect the bearish leg to resume, with 1.3200 remaining my downside target.
For traders, this means opportunities will likely appear on short setups after spikes into resistance, as long as 1.36 is not decisively reclaimed.
Note
The main direction of the market is still upward, but 3785 is the upward pressure point. It has not been successfully broken through 3785 for several hours. Obviously, this will be a pressure point. Therefore, gold will inevitably make a correction in order to rise better. The premise is that you need to learn to judge the support and resistance levels. We bought gold at 3756 today and took profit at 3785, and then sold gold at 3785 and completed the profit at 3760.Trade active
Trade closed: target reached
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A long-established channel that has helped many people. Join me to get free signals, free advice, and free compensation if problems arise.
t.me/+rW3z9OS4G_s2NWIx
t.me/+rW3z9OS4G_s2NWIx
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.