GBP/USD Technical Analysis H-1 Chart MARKET TREND On the one-hour chart the swing from 15 October is still up, but the impulse has stalled. Price made higher highs and higher lows above a rising red average and cleared 1.33807 around 20 October. Since then it has stopped advancing. Later highs stalled well short of 1.34410, and price drifted back to the breakout line. The red average has flattened and is bending lower. RSI(14) at 51.19 is neutral. MACD(12,26,9) is negative at -0.000346 and -0.000455, so downside momentum is fading rather than finished. Bears Power(13) at -0.000366 shows only light selling. The bullish swing has paused into a range around the breakout line. SUPPORT AND RESISTANCE 1.33807 organizes the chart. It rejected price on 16 October, broke on 20 October, and is now being retested from above. The latest bar, 1.33763, 1.33819, 1.33722, 1.33807, pierced the line and closed on it. Overhead, highs failed before the untouched 1.34410 level. Underneath, the red average is nearby dynamic support, and 1.33240 is the next marked horizontal, near the base of the 20 October push. 1.32655 matters only if that base fails. BREAKOUT ANALYSIS Clearing 1.33807 was a real break. Price held above it into 22 October, and volume expanded on the thrust. There was no extension: 1.34410 was never approached, and bars then narrowed. The present action is a retest. A 1.33722 low and a 1.33807 close is indecision, not confirmation. Support gains weight if hourly closes hold above 1.33807, the red average turns up, and MACD crosses back through zero. Closes under 1.33722 would weaken the break and bring 1.33240 into view. TRADING PLAN For a long, wait for an hourly close above 1.33807 that the following bar does not reject. The idea fails below 1.33722. First objective is the supply under 1.34410, not the grid line itself, unless those highs break. For a short, wait for hourly acceptance below 1.33722. Invalidation is a return above 1.33819, and 1.33240 is the first objective. Do not enter while candles straddle the line. RISK MANAGEMENT The bar from 1.33722 to 1.33819 is too tight for a stop under a single low. Size from the invalidation, and stand aside if the room toward the stalled highs or 1.33240 does not pay for the risk. Patience beats an early guess, and nothing on this chart guarantees a profit. Every trade still carries risk. CONCLUSION AND ENGAGEMENT QUESTION GBPUSD H1 broke 1.33807, never reached 1.34410, and now sits on that line with RSI at 51.19 and MACD still negative. The retest is not resolved. Do you still trust 1.33807 as support, or has the missed follow-through already weakened the breakout?
