GBP/USD (British Pound/US Dollar), a potential bearish reversal scenario is outlined as follows:
Resistance Levels:
The 1st resistance level at 1.2604 is identified as "An Overlap resistance," indicating a significant level where selling pressure may emerge due to a historical clustering of resistance.
The 2nd resistance level at 1.2656 is also noted as "An Overlap resistance," providing additional reinforcement of resistance in this area.
Support Levels:
The 1st support level at 1.2578 is described as "An Overlap support," indicating a significant level where buying interest may emerge due to historical support.
The 2nd support level at 1.2539 is also noted as "An Overlap support," providing additional reinforcement of support in this area.
