The analysis for GBP/USD (British Pound/US Dollar) suggests a potential bearish reversal scenario with key support and resistance levels:
Resistance Levels:
The 1st resistance level at 1.26085 is identified as "Pullback resistance," indicating a significant level where selling pressure could intensify, potentially causing a reversal in the price trend.
The 2nd resistance level at 1.26585 is also described as "Pullback resistance," suggesting another barrier for upward price movement, reinforcing the bearish outlook.
Support Levels:
The 1st support level at 1.25076 is noted as "An Overlap support," indicating a level where buying interest may emerge, potentially providing a floor for the price decline.
The 2nd support level at 1.23962 is recognized as "An Overlap support," implying another area where buyers could enter the market, potentially preventing further downward movement.
