The GBP/USD, the potential bullish bounce scenario is as follows:
Support Levels:
The 1st support level is identified at 1.2654, attributed to "An Overlap support." This level suggests a historical area where price has previously found support, indicating potential buying interest.
The 2nd support level is situated at 1.2605, noted as "An Overlap support." This level reinforces the support zone, as it aligns with another historical area where price has found support.
Resistance Levels:
The 1st resistance level is observed at 1.2708, designated as "An Overlap resistance." This level represents a historical barrier where price has previously encountered selling pressure, potentially acting as a resistance point.
The 2nd resistance level is positioned at 1.2767, recognized as "Multi-swing high resistance." This level indicates a significant historical resistance point where multiple swing highs have formed, suggesting potential strong selling interest.
