FX.co ★ GBP/USD

Hello traders, everything regarding the pound looks quite simple at the moment. The market was pushed below the 1.33 zone, and the downward movement is still intact. On lower timeframes, there is a series of lower highs. Any attempt at growth is quickly extinguished. On the H4 chart, it is clear that the price has essentially exited the range of the past few weeks and is now holding below it. Usually, in such situations, the market simply starts to seek a new equilibrium level slightly lower. Pullbacks to the upside are possible, but for now, they seem purely technical. They appear more like pauses within the decline rather than a reversal. The nearest zone where a correction could pull towards is around 1.325 - 1.326. Previously, it acted as support. Now, it is logical to expect a test as resistance. Looking at the lower end, I am currently eyeing the range of 1.322 – 1.324 as the nearest intermediate support. However, structurally, it does not seem very strong. Overall, the picture for the pound remains bearish. Downward pressure persists. Therefore, for now, what is happening looks more like a continuation of the decline rather than the beginning of a new uptrend.