The pair traded within a range after the previous advance, but the latest H1 candles show a strong bearish breakout and a rebound from the lower support area. GBP/USD is still trading below the former consolidation zone, so the market needs to reclaim the Pivot before the recovery can become more stable.
Current price: 1.33985
Pivot: 1.3415
Nearest support levels:
S1: 1.3370
S2: 1.3340
S3: 1.3305
Nearest resistance levels:
R1: 1.3430
R2: 1.3465
R3: 1.3505
Note:
Above Pivot: a move above 1.3415 may support a corrective recovery toward 1.3430 and 1.3465. If buyers hold above 1.3465, the pair may retest the upper resistance near 1.3505.
Below Pivot: if the pair stays below 1.3415, sellers may keep control. A break below 1.3370 would increase pressure and may open the way toward 1.3340 and 1.3305.
