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Dec 02, 2024

The GBP/USD chart on the hourly time frame

GBP/USD chart on the hourly time frame

The GBP/USD price started to rebound downwards, and the price is on its way to build a bearish wave that targets testing the 1.2566 areas initially, and extends to go far to 1.2400 after breaking the previous level.
Therefore, we expect to witness negative trading during the upcoming sessions, and breaking 1.2655 will facilitate the price’s mission to achieve the suggested targets, while breaking 1.2735 represents the key to exiting the bearish range and then heading to achieve new gains that reach 1.2865 in the near term.
Resistance 3 Resistance 2 Resistance 1 Pivot Point Support 1 Support 2 Support 3
1.27001
1.26954
1.26922
1.26875
1.26824
1.26791
1.26742
EUR/USD chart on the hourly time frame

EUR/USD chart on the hourly time frame

EUR/USD was unable to stabilize above 1.0563, and is trading with noticeable negativity at the opening of the day, which puts the price under negative pressure during the upcoming sessions, targeting a test of 1.0475 initially, noting that breaking this level will push the price towards 1.0400 as a next negative station.
Therefore, the bearish bias will be likely for today, noting that breaking 1.0563 will stop the negative scenario and lead the price to make an additional upward correction with its next target reaching 1.0634.
Resistance 3 Resistance 2 Resistance 1 Pivot Point Support 1 Support 2 Support 3
1.05351
1.05301
1.05267
1.05218
1.05168
1.05139
1.05089
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