GBPUSD 12H / It looks bearish

GBPUSD Technical Analyse

The price is expected to trade in a bearish zone due to its stabilization below the pivot line at 1.26970, with an initial target of 1.26200.

Bearish Scenario: As long as the price remains below 1.26970, it is likely to drop to 1.26200, and further declines could gradually lead to 1.2541.

Bullish Scenario: For an uptrend to be confirmed, the price needs to close a 4-hour candle above 1.26970, potentially rising to 1.2819.

Key Levels:
- Pivot Price: 1.2697
- Resistance Levels: 1.2761, 1.2819, 1.2877
- Support Levels: 1.2620, 1.2540, 1.2475

The price movement is anticipated to oscillate between the resistance at 1.2700 and the support at 1.2541.