The GBP/USD chart is currently showing potential signs of a bearish reversal, with notable support and resistance levels to consider.
Resistance Levels:
The 1st resistance level at 1.26085 is categorized as "An Overlap resistance." This level represents a zone where selling pressure may emerge, potentially impeding further upward movement. Furthermore, the 2nd resistance level at 1.27158 is identified as "Multi-swing high resistance," reinforcing its significance as a strong resistance zone due to its alignment with multiple price swings.
Support Levels:
On the support side, the 1st support level at 1.25070 is characterized by "An Overlap support." This level suggests a potential area where buying interest may emerge, potentially halting further downward movement. Complementing this, the 2nd support level at 1.23986 is also marked as "An Overlap support," indicating its potential to provide support to the price.
