GBP/USD, Technical Analysis — H1

The upward correction is developing rather unconvincingly — especially if viewed not simply as a technical retracement, but as an attempt to reverse the broader downtrend. As a result, any strong resistance is likely to trigger renewed selling pressure. The immediate resistance zone currently stands at the key pivot area of 1.3400–1.3410.

Key Levels:

□ 1.3400–1.3410 — Major resistance / pivot zone

□ 1.3350 — Nearest downside target

□ 1.3300 — Deeper support level

Primary Scenario:

Test of the 1.3400–1.3410 zone followed by a sharp reversal lower toward 1.3350.

Alternative Scenario:

Consolidation around the 1.3400–1.3410 pivot zone.

Analyst Commentary:

Bearish momentum remains dominant. This is clearly visible in the speed and dynamism with which both bullish and bearish impulses cover distance, highlighting the prevailing selling pressure.