GBP/USD –> Bearish Channel in Play, Watching for Short EntriesHello guys!
The pair remains under pressure, trading inside a descending channel that has been guiding price action for several weeks. Each rally attempt has been capped by the channel’s upper boundary, confirming the overall bearish sentiment.
Observations:
Resistance Zone: The upper boundary of the channel near 1.3520 – 1.3560 continues to reject bullish attempts.
QML Zone: Around 1.3340 – 1.3360, this level has provided support, but repeated tests are weakening it.
Bearish Structure: Lower highs and lower lows inside the channel confirm sellers are still in control.
📉 Bearish Scenarios:
Aggressive Entry: Short positions could be considered on rejection from the mid-level resistance inside the channel (1.3480).
Conservative Entry: Alternatively, waiting for a deeper retest of the channel’s upper boundary (1.3520–1.3560) offers a safer confirmation before entering short.
🎯 Targets:
Initial target: 1.3380 (QML zone)
Extended target: 1.3313 (channel support and marked key level)
As long as the price trades within this descending channel, the outlook stays bearish. A confirmed break below 1.3313 could open the door for further downside in the coming sessions.
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