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08.12.2023 06:06 AM
The GBP/USD chart is currently showing signs of a potential bearish reversal, with notable support and resistance levels in play.
Resistance Levels:
The 1st resistance at 1.26137 is identified as "Pullback resistance." This level implies a zone where selling pressure may emerge, potentially hindering further upward movement. Additionally, the 2nd resistance level at 1.27227 is categorized as "Multi-swing high resistance," emphasizing its role as a significant resistance zone due to its alignment with key technical levels.
Support Levels:
On the support side, the 1st support level at 1.25491 is labeled as "An Overlap support." This level suggests a potential area where buying interest may emerge, potentially preventing further downward movement. Complementing this, the 2nd support level at 1.24550 is characterized by "An Overlap support," indicating its potential to provide support to the price
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