The GBP/USD chart shows bearish momentum with a downward price trend, reinforced by its position below a significant descending trend line. This suggests the potential for further bearish movement. One scenario could involve a bearish reaction at the 1st resistance level, potentially leading to a decline towards the 1st support. The 1st support at 1.2564, recognized as a multi-swing low support, gains significance from historical instances of price-finding support. An additional 1st support at 1.2504 acts as an overlap support, reflecting historical price support. Among resistance levels, the 1st resistance at 1.2624 is marked as an overlap resistance, while the 2nd resistance at 1.2724 aligns with the 61.80% Fibonacci Projection level, strengthening its potential as a resistance zone.
