The GBP/USD chart is currently exhibiting potential bearish conditions, with significant support and resistance levels influencing its price dynamics.
Support Levels:
The 1st support level at 1.26100 is characterized as "An Overlap support." This level suggests a zone where buying interest may emerge, potentially providing some support to the price. Below this, the 2nd support at 1.25040 is identified as "Multi-swing low support," signifying its importance as a potential level for price stabilization.
Resistance Levels:
On the resistance side, the 1st resistance at 1.26890 is labeled as "Pullback resistance." This level implies a zone where selling pressure might surface, potentially limiting upward movement. Further above, the 2nd resistance at 1.27820 is also classified as "Pullback resistance," highlighting its role as a significant barrier to further price advancement.
