GBPUSD Shows Signs Of Bearish Pressure As It Retracts From Supply Zone

Market Analysis – March 3

GBPUSD is exhibiting bearish pressure as it pulls back from the $1.27140 supply zone. The 9-period SMA at $1.26260 is acting as dynamic resistance, with the price struggling to stay above this level. The RSI at 59.21 is turning downward, signaling weakening bullish momentum and a possible shift in control to sellers. If RSI continues to decline toward 50, it could confirm a bearish continuation for GBPUSD.

GBPUSD Key Levels

Supply Levels: $1.27140, $1.30000, $1.34340
Demand Levels: $1.25620, $1.23000, $1.21000

GBPUSD Long-Term Trend: Bullish

Price action indicates rejection from the $1.27140 order block, a critical supply zone that has restricted upward movement. A rising trendline that previously provided support is now being tested, and a breakdown below this level could accelerate bearish momentum. Repeated rejections from the resistance zone suggest that buyers are losing strength while sellers gain control.

If GBPUSD breaks below the trendline, the next significant target is $1.23000, a strong support level. A further decline could potentially push the pair toward $1.21000 in the coming days. Traders should watch for confirmation of a trendline break and increasing bearish volume before considering short positions.

GBPUSD Short-Term Trend: Bearish

GBPUSD is displaying bearish momentum after rejecting the $1.27140 order block, confirming strong resistance. A Change of Character has occurred, signaling a shift in market structure to the downside.
The price is currently testing trendline support around $1.25620, and a break below this level could accelerate selling pressure. RSI is trending lower at 37.23, indicating weakening bullish strength and a potential move toward the $1.23000 support zone. With forex signals pointing toward continued downside movement, traders should remain cautious of further declines.

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