GBPUSD Analysis
GBPUSD is currently trading in a broader bearish trend within a descending channel. On the 4H timeframe, price recently showed some strength and tested the upper trendline before pulling back.
At the moment, price is approaching an important support confluence that includes a bullish Fair Value Gap (FVG) and the 0.618 Fibonacci retracement level.
A hidden bullish divergence is also visible, which may suggest a possible short-term bounce toward the upper trendline of the channel.
Selling volume has been decreasing during the recent red candles, indicating weakening bearish pressure.
Overall, a minor reversal cannot be ignored. However, if price continues to decline, the next strong support level is expected near the demand order block around 1.3285.
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