FX.co ★ Mt5Trader | GBP/USD

The GBP/USD on the H4 timeframe is currently trading near 1.3223, where the market is testing a significant horizontal support zone that previously acted as a base during earlier consolidation. In the earlier part of the chart, the pair experienced a gradual bullish trend from late November through January, rising from around 1.3050 while forming a consistent sequence of higher highs and higher lows, reflecting sustained buying pressure. This bullish movement accelerated in late January, culminating in a strong impulsive rally toward the 1.3800–1.3830 region, which marked a major swing high and a strong resistance level where selling pressure eventually emerged. Following this peak, the market entered a clear bearish corrective phase, characterized by the formation of lower highs and lower lows, indicating a shift in momentum as sellers gradually gained control of the market. Throughout February and into early March, the pair retraced a large portion of its earlier gains, breaking below several intermediate support levels that had previously acted as consolidation zones during the uptrend. Each attempt at a bullish recovery was relatively weak and failed to break above prior swing highs, reinforcing the broader bearish structure. More recently, the pair has declined toward the 1.3220–1.3250 support zone, which is technically important because it previously served as a major demand area during the earlier bullish phase. The current price action shows the market testing and slightly breaching this level, suggesting that sellers are attempting to push the pair into a deeper bearish continuation. If the market confirms a sustained break below 1.3220, it could trigger additional downside momentum, potentially driving the pair toward 1.3180 and then 1.3150, where the next notable support areas are located. However, if buyers step in around this support region and manage to defend the level, the pair could experience a short-term corrective rebound, with the first resistance likely appearing near 1.3300, followed by 1.3370, which previously acted as a support zone before turning into resistance during the decline. Overall, the GBP/USD currently maintains a bearish structure on the H4 timeframe, and the ongoing test of the 1.3220 support level represents a critical technical point that will likely determine whether the market continues its downward extension or enters a temporary recovery phase. ????????