GBP/USD Facing Bearish Pressure, Testing Key Support
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Looking at the GBP/USD chart, I see that the pair is in a downtrend and is facing a strong resistance zone around 1.2920. The price has formed a descending structure with lower highs and lower lows, along with moving below the 34 and 89 EMAs, indicating that the bearish momentum is still strong.
The key support zone is currently located in the range of 1.2880–1.2900, which could act as a buffer in the short term. If the price breaks this zone, GBP/USD could continue its downward trend, with the nearest target at 1.2800.
Conversely, if this support zone holds and buying pressure appears, I will be watching for a possible recovery to the 1.2950 resistance zone. However, I still favor the bearish scenario due to pressure from the larger trend and weakening bullish momentum.
The key support zone is currently located in the range of 1.2880–1.2900, which could act as a buffer in the short term. If the price breaks this zone, GBP/USD could continue its downward trend, with the nearest target at 1.2800.
Conversely, if this support zone holds and buying pressure appears, I will be watching for a possible recovery to the 1.2950 resistance zone. However, I still favor the bearish scenario due to pressure from the larger trend and weakening bullish momentum.
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