For GBP/USD, here's the updated potential bullish bounce scenario using "1st" and "2nd":
Description: The chart indicates a potential bullish bounce, with significant support and resistance levels identified.
Support Levels:
The 1st support level is at 1.2632, marked as "An Overlap support." This level suggests a historical area where the price has found support, indicating potential buying interest.
The 2nd support level is at 1.2574, identified as "An Overlap support." Similar to the 1st support, this level represents another historical zone where the price has found support, suggesting a strong level of buying interest.
Resistance Levels:
The 1st resistance level is observed at 1.2696, characterized as "Multi-swing high resistance." This level indicates a historical barrier where the price has encountered selling pressure after reaching previous highs.
The 2nd resistance level is located at 1.2767, designated as "Multi-swing high resistance." Like the 1st resistance, it represents another historical level where the price has struggled to move above due to selling pressure.
