Title
GBPUSD H1 | Bearish Continuation
Type
Bearish Reversal
Preference:
The price has broken below the pivot level at 1.34909, confirming bearish momentum after testing this key support level. This breakdown suggests continuation toward the 1st support at 1.3439, which represents a multi-swing low support level that has previously provided strong buying interest.
Alternative Scenario:
If price reverses and breaks back above the pivot, it could signal a false breakout and potentially rise toward the 1st resistance at 1.3551, a pullback resistance level.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.