GBP/USD, Technical Analysis – H4

The local uptrend that followed the breakout of the trendline appears to have completed. A decline toward the support levels at 1.3320 and 1.3200 is expected within the current week. A retracement to the pivot zone at 1.3420 is likely first, where selling interest is expected to be strongest.

Key Levels:

□ 1.3420 — Key resistance / sell zone

□ 1.3320 — Primary near-term support

□ 1.3200 — Secondary support target

Primary Scenario:

Decline toward 1.3320.

Alternative Scenario:

Retracement to 1.3420, followed by a reversal lower toward 1.3320.

Analyst Commentary:

The 1.3420 area offers a high-probability zone for placing pending sell orders, as it represents significant resistance and a potential turning point for the bearish resumption.