The GBP/USD (British Pound/US Dollar), the potential bearish reversal scenario is outlined as follows:
Resistance Levels:
The 1st resistance level is identified at 1.2654, characterized as "An Overlap resistance." This level indicates a significant historical barrier where previous price action has struggled to move higher.
The 2nd resistance level is observed at 1.2705, labeled as "Pullback resistance." This level suggests a potential area where selling pressure may intensify, as price retraces from recent highs.
Support Levels:
The 1st support level is situated at 1.2603, denoted as "An Overlap support." Historical price action indicates significant buying interest around this level, reinforcing its role as a support zone.
The 2nd support level is at 1.2564, marked as "An Overlap support." This level indicates a potential area of strong historical support, where previous price action has found buying interest.
