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17.03.2023 09:05 AMThe GBP/USD chart currently exhibits bearish momentum, as the price remains below a significant descending trend line. This indicates that the currency pair may undergo further downward pressure in the near future.
In case the price rises, it could face a potential bearish reaction at the 1st resistance level and subsequently drop towards the 1st support. The 1st support level, situated at 1.1927, is a robust overlap support. Additionally, the intermediate support level at 1.2010, which corresponds to a swing low support and a 50% Fibonacci retracement, could also serve as a crucial level to monitor.
Conversely, if the price breaks above the 1st resistance level at 1.2141, it may advance towards the 2nd resistance level located at 1.22074, which represents a multi-swing high resistance.
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
