GBPUSD Trendline Breakdown Deeper Pullback from Key ResistanceThis 2-hour GBP/USD chart highlights a strong bullish structure built on a rising trendline, with price respecting higher lows throughout early December. Multiple ascending and corrective channels show controlled upside momentum.
Price recently tested a major resistance zone near 1.3450, failed to hold above it, and then broke down below the rising trendline, marked by the highlighted breakdown area. This loss of structure suggests a trend exhaustion / corrective phase rather than immediate continuation.
Key downside levels are clearly mapped:
1.3294 as the first support / breakdown confirmation level
1.3194 as a deeper downside target if bearish momentum accelerates
The chart effectively illustrates a transition from trend continuation to corrective risk, with sellers gaining short-term control after rejection at resistance.
