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30.11.2023 10:11 PM
The GBP/USD pair faced a strong resistance near 1.3200 and started a fresh downtrend.
It broke the 1.2800 then 1.2600 support levels on a H4 candlestick and extended its decline towards 1.2500 where the pair showed some indecision in a tight range before resuming its bearish trend.
The next target for the bears was located around 1.2150, where another zone of indecision has been established.
A break below 1.2100 level could open the doors for more losses towards 1.1850. However, significant bullish recovery has been expressed upon the repeated visits that occurred during this month.
On the other hand, the current bullish recovery is being challenged around 1.2650 where a previous consolidation range was established. That's why, Price action should be watched cautiously for determining the next destination for the pair.
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