The GBP/USD chart suggests a potential bearish scenario with a focus on a continuation towards the support levels. Here are the key support and resistance levels:
Resistance Levels:
The 1st resistance level at 1.2695 is identified as "Pullback resistance." This level could act as a barrier to further upward movement.
The 2nd resistance level at 1.2784 is labeled as "An Overlap resistance." It represents another level where selling pressure could emerge and hinder the price from moving higher.
Support Levels:
The 1st support level at 1.2609 is a significant support zone, marked as "An Overlap support." This level may attract buying interest and potentially act as a floor for the price.
The 2nd support level at 1.2501 is also labeled as "An Overlap support." It serves as an additional support zone where traders might consider entering long positions.
