GBPUSD Maintains Sustained Downside Momentum Below Key Resistance Levels

Market Analysis – August 4

GBPUSD continues to hold firm in its downside momentum, staying below key resistance levels. The pair has entered a steady bearish trajectory, with price action closely reflecting technical indicators. The 9-day SMA remains positioned above current market levels, emphasizing the prevailing downward pressure. RSI stands near 37, indicating continued bearish sentiment without yet reaching oversold territory, leaving room for further declines. Sellers maintain control, and the recent inability to reclaim the $1.3330 zone further reinforces negative market sentiment.

GBPUSD Key Levels

Supply Levels: $1.3630, $1.3800, $1.4000
Demand Levels: $1.3330, $1.3050, $1.2710

GBPUSD Long-Term Trend: Bearish

From a technical perspective, the pair has confirmed a break of structure (BOS) below $1.3330 following a Market Structure Shift (MSS), with the order block (OB) rejection around $1.3380 acting as a critical turning point. The subsequent bearish break from the breaker block (BB) indicates that supply continues to dominate demand. Multiple rejections from the upper supply zone between $1.3370 and $1.3380 confirm that every attempt to reverse the downtrend has been met with renewed selling activity.

Looking forward, the bearish outlook remains intact, with price likely targeting the $1.3050 support next. If downward momentum persists, a move toward $1.2710 is possible, particularly if the $1.3050 level fails to hold. A sustained close below these points would strengthen the downside potential, while only a decisive break above $1.3380 could signal a potential short-term trend reversal. Traders monitoring forex signals may also find these levels critical for positioning in line with the prevailing market sentiment.

GBPUSD Short-Term Trend: Bearish

In the short term, GBPUSD continues to follow a clear bearish structure, with price holding below the descending trendline and the 9-day SMA. A recent rejection from the $1.3330 resistance zone confirms ongoing selling pressure.

RSI remains below 50, further validating the downside bias. Price is expected to extend losses toward the $1.3050 support in the near term.

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