GBP/USD, Technical Analysis – H4

The pair technically maintains its uptrend for now (valid as long as the medium-term trendline around 1.3420 remains intact). However, the first signs of bullish exhaustion are emerging. Bulls must break the local resistance at 1.3480, where notable profit-taking is occurring. These two levels will be the key focus for traders today.

Key Levels:

□ 1.3420 (medium-term trendline support)

□ 1.3480 (local resistance)

Primary Scenario:

Consolidation within the 1.3420–1.3480 range.

Alternative Scenario:

Breakout of the 1.3420–1.3480 range in either direction.

Analyst Commentary:

Signals of buyer weakness at the 1.3420 support will carry more weight than similar signals at the 1.3480 resistance.