FX.co ★ dusty24 | GBP/USD

Hello traders. Regarding the movement of the GBP/USD currency pair on the four-hour chart, it is worth noting that the bulls failed to fully recover the trend after a bearish correction, when the price fell from the maximum near the Murray reversal level of 7/8 (1.3519) and touched the reversal level of 2/8 (1.3367). Subsequent actions by the bulls only allowed the GBP/USD price to rise to the Murray reversal level of 6/8 (1.3489), and by the end of the trading session, it fell again and is trading at the top of the regression channel of 5/8 (1.3458) with an open four-hour bearish candle. Taking everything into account, it can be assumed that the situation in the pair remains uncertain, as the bulls may still take measures to restore the uptrend, which I consider to be the more likely scenario, as indicated on the screenshot. However, in the event that the GBP/USD pair manages to break below the Murray reversal level of 2/8 (1.3367) on a new downward attempt, it will essentially return to a decline with the aim of reaching and updating the pair's minimum near the Murray support of 0/8 (1.3306). But I still consider this price movement scenario less likely, so I keep it in mind, just in case.