The British pound is not doing very well during today's session therefore it is worth paying attention to the technical situation on the GBPUSD. The key support at 1.4100 was negated and the pair broke below the lower limit of the ascending channel. Still lower limit of the broad 1: 1 structure - at 1.4040, remains major support in the short term. According to the Overbalance methodology, only a break below this level will confirm that trend has changed. The final level of support is located at 1.4000. The zone at 1.4100 remains the key resistance.
GBPUSD interval H4. Source: xStation5
As for the lower timeframe, one can see that buyers struggle to regain control at 1.4040. The pair bounced off the upper limit of the local 1: 1 structure, which in the short term indicates that sellers have advantage. If the current sentiment prevails, an attack on today's lows is possible. Should a break lower occur, the next important support is located at 1.4000. In turn, only a break above the 1.4092 level will negate the bearish scenario.
GBPUSD M30 interval. Source: xStation5
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