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06.12.2023 06:40 AM
The GBP/USD chart is indicating the potential for a bearish reversal, with significant support and resistance levels in focus.
Resistance Levels:
The 1st resistance at 1.26 is characterized as "Pullback resistance." This level implies a zone where selling pressure may emerge, potentially hindering further upward movement. Additionally, the 2nd resistance level at 1.27 is identified as "Multi-swing high resistance," underscoring 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 1.26 is labeled as "Pullback support." This level suggests a potential area where buying interest may emerge, potentially preventing further downward movement. Complementing this, the 2nd support level at 1.25 is characterized by "An Overlap support," suggesting its potential to provide support to the price.
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