Bearish outlook on GBPUSD: 29 August 2022

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On the H4 time frame, we are seeing a bearish order flow with prices facing bearish pressure from the resistance at 1.1900. Prices are currently testing a key support level 1.165, in line with the 100% Fibonacci extension and a break below this support zone at 1.1650 can provide the bearish acceleration to our next support target at 1.1480. Prices are holding below the Ichimoku Cloud as well, supporting our bearish bias to see further downside in prices.