The GBP/USDP chart suggests a price hitting a major resistance with a focus on a bearish reversal off this level. Here are the key support and resistance levels:
Resistance Levels:
The 1st resistance level at 1.2694 is identified as an "Overlap resistance". This level may act as a significant barrier to further upward movement in the price of gold.
The 2nd resistance level at 1.2779 is labeled as a "Pullback resistance". It represents another level where selling pressure could potentially emerge and limit any bullish momentum.
Support Levels:
The 1st support level at 1.2606 is marked as a "Pullback support". This level could attract buying interest and serve as a potential area of price reversal or consolidation.
The 2nd support level at 1.2504 is also identified as a "Pullback support". It represents another important support zone where traders might consider entering long positions.
