GBPUSD H4 | FOREX BEE

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Looking at the GBP/USD H4 chart, I can identify the following key observations:

1. Trendline Resistance: The market is currently testing or approaching a key descending trendline, indicating potential resistance at higher levels.

2. Fibonacci Levels: The chart highlights the 0.5 Fibonacci retracement level near 1.2415, suggesting a possible bullish target zone if price breaks above the trendline resistance.

3. Support Zones: The red zones below, particularly near 1.2251 (0.236 Fibonacci), appear to act as important support levels where buying interest may reappear.

4. Market Scenario:
- If the price breaks above the trendline and sustains, it may move towards the next resistance at 1.2415 or higher.
- On the downside, a failure at the current level could push the market back to the support zones around 1.2250 or lower.

This setup suggests a cautious approach for now. A breakout confirmation above the descending trendline would provide a clearer signal for bullish continuation. Conversely, failure to break higher may lead to renewed bearish pressure.

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ملاحظة

50% Target reached

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