GBPUSD TECHNICAL ANALYSIS SOME TARGET WIN

This chart is a GBP/USD (British Pound to US Dollar) 1-hour analysis on FXCM, published on TradingView. Here’s what it indicates:

Key Analysis

1. Elliott Wave Theory Applied

The chart follows an Elliott Wave pattern, showing a completed five-wave structure at the top.

After reaching a peak near 1.26693, the price started a corrective wave down.



2. Bearish Rejection from Resistance

The red zone (1.26693 level) represents a strong resistance area where sellers stepped in.

The black and blue arrows indicate expected price movement downward.



3. Support and Target Levels

Short-term support at 1.26305, already being tested.

Major target around 1.25837, which is marked as a potential support zone.




Conclusion

The chart suggests a bearish outlook for GBP/USD, with an expected drop towards 1.25837, unless buyers regain control at current support levels. If the price stays below 1.26693, further downside is likely.