The GBP/USD pair on the H4 timeframe continues to move within a bearish channel, reflecting sustained downward momentum from recent sessions. The price is currently around 1.3326, facing immediate resistance near 1.3454 and 1.3470, while support lies around 1.3249. This pattern suggests that the market remains under selling pressure, with short-term recovery attempts being capped by the upper boundary of the descending channel.
From a technical perspective, the pair is trading below the Ichimoku cloud, confirming a bearish bias. The Tenkan-sen remains below the Kijun-sen, while the price consistently fails to close above the midline of the channel. The Parabolic SAR dots above the candles indicate continued downward traction, and the Stochastic Oscillator is moving in the lower zone, showing limited bullish momentum. Meanwhile, the MACD histogram remains in negative territory, signaling that bearish sentiment still dominates the market.
Fundamentally, GBP/USD continues to be pressured by the stronger U.S. dollar, supported by hawkish comments from Federal Reserve officials, while the Bank of England’s cautious tone limits sterling gains. Rising U.S. Treasury yields add further strength to the dollar, and the recent weak UK economic data has dampened expectations for future tightening. As investors await further clarity on interest rate paths from both central banks, GBP/USD is likely to remain under bearish pressure in the short term.
Market Observation & Strategy Advice
1. Current Position: GBP/USD is trading around 1.3326, continuing to move within a clear bearish channel. The pair remains under pressure, with sellers maintaining control as price struggles to break above the upper boundary of the descending trendline.
2. Resistance Zone: Immediate resistance is seen near 1.3454 – 1.3470, aligned with the upper limit of the bearish channel and a key psychological level where previous reversals occurred.
3. Support Zone: The nearest support stands around 1.3249, followed by the lower channel boundary. A breakout below this zone could trigger a deeper move toward 1.3200.
4. Indicators: Technical indicators continue to reflect bearish bias. The price trades below the Ichimoku cloud and Parabolic SAR dots remain above the candles, confirming downward momentum. The Stochastic Oscillator is hovering near mid-levels, suggesting mild corrective movement before potential continuation. The MACD remains in negative territory, reinforcing bearish dominance.
5. Trading Strategy Suggestions:
- Sell-on-Rally Bias: Focus on short positions while GBP/USD remains below 1.3450, aligning with the ongoing bearish channel.
- Entry & Targets: Consider entries near 1.3400–1.3450 with targets at 1.3250 and 1.3200, and a stop loss above 1.3470.
- Alternative View: A breakout above 1.3470 may shift momentum bullish, opening room toward 1.3540.
Market Performance:
Forex Last Price % Change
EUR/USD 1.1636 +0.09%
USD/JPY 152.94 +0.05%
Today’s Key Economic Calendar:
DE: Ifo Business Climate
US: Durable Goods Orders MoM
US: Dallas Fed Manufacturing Index
Risk Disclaimer This report is for informational purposes only and does not constitute financial advice. Investments involve risks, and past performance does not guarantee future results. Consult your financial advisor for personalized investment strategies.
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