Continues Downtrend: Resistance Zone 1.31 Still Not Broken
Based on the GBP/USD 4h chart, I see that the bearish trend is dominant as the price continues to stay below both the 34 EMA and 89 EMA. The bearish resistance (downtrend) is still in effect and the price is currently stuck in the resistance zone of 1.3050-1.3100.
The likely scenario is that the price will bounce back to retest this resistance zone and then continue to decline towards the support area around 1.2950-1.2900, in line with the overall downtrend.
The likely scenario is that the price will bounce back to retest this resistance zone and then continue to decline towards the support area around 1.2950-1.2900, in line with the overall downtrend.
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