As you see in the 1H time frame, there is a downtrend structure and price had an upside move after falling, to retrace the bearish move.
Currently, we can see that price has made a higher low with an upside push, but the bullish move was not strong enough and price entered to a consolidation zone and is bouncing inside it for now.
We should wait for a breakout on the yellow rectangle zone. Since the main trend is bearish, I expect a continuation on downside move and a bearish breakout on the rectangle, and a drop to 1.064 and 1.05
On the other side, if the red resistance level at 1.088 broken to the upside and price makes a higher high, the bearish scenario will be canceled and we expect a rise on GBPUSD around 1.1
Currently, we can see that price has made a higher low with an upside push, but the bullish move was not strong enough and price entered to a consolidation zone and is bouncing inside it for now.
We should wait for a breakout on the yellow rectangle zone. Since the main trend is bearish, I expect a continuation on downside move and a bearish breakout on the rectangle, and a drop to 1.064 and 1.05
On the other side, if the red resistance level at 1.088 broken to the upside and price makes a higher high, the bearish scenario will be canceled and we expect a rise on GBPUSD around 1.1
