The GBPUSD continues to display a bearish outlook, in line with the prevailing downward trend. Recent price action suggests a short tern resistance breakout, potentially setting up for another move lower if resistance holds.
Key Level: 1.3490
This zone, previously a consolidation area, now acts as a significant resistance level.
A failed test and rejection at 1.3490 would likely resume the bearish momentum.
Downside targets include:
1.3200 – Initial support
1.3137 – Intermediate support
1.3050 – Longer-term support level
Bullish Scenario (breakout above 1.3400):
A confirmed breakout and daily close above 1.3400 would invalidate the bearish setup.
In that case, potential upside resistance levels are:
1.3530 – First resistance
1.3575 – Further upside target
Conclusion
GBPUSD remains under bearish pressure, with the 1.3490 level acting as a key inflection point. As long as price remains below this level, the bias favours further downside. Traders should watch for price confirmation around that level to assess the next move.
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