GBP/USD, Technical Analysis – H4

The pair has preserved its medium-term bearish structure, defined by a sequence of lower highs and lower lows, and has now entered a contracting triangular consolidation. Given the still-substantial range (over 150 pips) relative to the timeframe, a downside approach looks particularly attractive — both in the direction of the primary trend and from the upper boundary of the consolidation. The projected target stands at 1.3350.

Key Levels:

□ 1. Downside target: 1.3350

□ 2. Round resistance: 1.3500

□ 3. Corrective upside: 1.3550

Primary Scenario:

Transition to a decline toward 1.3350.

Alternative Scenario:

Continuation of the corrective bounce toward 1.3550.

Analyst Commentary:

An additional argument for the bears is the presence of the round 1.3500 level, below which the price is currently trading.