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Dec 31, 2024

GBP/USD chart on the hourly time frame

GBP/USD chart on the hourly time frame

The GBP/USD price rebounded downwards after testing the 1.2605 level, so that the negative impact of the head and shoulders pattern remains effective, awaiting further decline to head towards our expected main target at 1.2400.

Stability below 1.2605 is important for the expected decline to continue, as breaching it will take the price out of the downward path to head towards achieving gains that start by visiting the 1.2735 areas.
Resistance 3 Resistance 2 Resistance 1 Pivot Point Support 1 Support 2 Support 3
1.25734
1.25656
1.25604
1.25527
1.25448
1.25401
1.25324
EUR/USD chart on the hourly time frame

EUR/USD chart on the hourly time frame

The EUR/USD price made positive trades yesterday but declined strongly to settle below the downtrend line again, so the downtrend scenario remains effective for the coming period, waiting to visit the 1.0333 levels then 1.0250 mainly.

Note that breaking 1.0475 will stop the downtrend and push the price to make an upward correction in the immediate and short term.
Resistance 3 Resistance 2 Resistance 1 Pivot Point Support 1 Support 2 Support 3
1.04292
1.04237
1.04202
1.04147
1.04093
1.04063
1.04008
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