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29.09.2023 06:00 AM
GBPUSD H4 | Reacting off resistance level?

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The GBP/USD chart exhibits bearish momentum due to its position below the bearish Ichimoku cloud. A possible scenario envisions a bullish rebound from the initial support at 1.2111, targeting the 1st resistance. The 1st support, identified as an overlap support, plays a crucial role in price movements. On the resistance side, the 1st resistance at 1.2308, acting as a pullback resistance, could hinder initial upward movements. Additionally, the 2nd resistance at 1.2442, characterized as an overlap resistance, presents another potential obstacle to bullish price advances. An intermediate resistance at 1.2237 also acts as a pullback resistance.

Dean Leo,
Analytical expert of InstaForex
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