Pound Analysis (Daily Time Frame)
As highlighted in last week’s main scenario, after testing and pulling back to its last support, GBP continued its decline to the 1.21910 range, closing the final trading day with a strong bearish candle.
- Main Scenario: Given the steepness of the decline and the strength of bearish candles, any upward movement is expected to be merely a correction or pullback, with the downtrend continuing. Once the price breaks and stabilizes below 1.21878, the next targets will be 1.20674 and 1.18732.
- Alternative Scenario: If GBP moves upward and reclaims the 1.25775 level, it could target the resistance levels of 1.27256 and 1.28115.
Pound Analysis (4-Hour Time Frame)
- Main Scenario: If the downtrend continues and GBP breaks below the 1.2178 support level, the next target will be 1.20674.
- Alternative Scenario: If GBP reverses upward and breaks and stabilizes above 1.23218, the next target will be 1.24939.
Pound Analysis (15-Minute Time Frame)
- Main Scenario: If GBP breaks below the 1.21908 support level, the next target will be 1.20674.
- Alternative Scenario: If GBP breaks and stabilizes above the 1.22139 resistance level, the next targets will be 1.22624 and then 1.23218.