Short

GBPUSD - bearish U-pattern relative to resistance

remains in a corrective phase, but after encountering resistance at 1.3485, the pair is breaking its local structure and preparing for a potential decline

Based on market positioning data, large players continue to maintain a bearish bias. At the same time, the growing concentration of short positions created the conditions for the short squeezes seen in late May and early June. Technically, a strong U.S. dollar, which is attempting an upward distribution move amid geopolitical tensions, is weighing on the pound. Meanwhile, GBPUSD continues to consolidate below key resistance, opening the door for a move toward support zones

Resistance levels: 1.3485, 1.3412
Support levels: 1.3375, 1.3305

GBPUSD tested the 1.3485 resistance level and formed a U-shaped pattern below it, signaling buyer weakness against the backdrop of a strong U.S. Dollar Index. The structure is breaking down, and the market may continue lower following consolidation below 1.3485. The primary areas of interest remain 1.3375–1.3305.

Best regards, R. Linda

RLinda

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EURUSD - A short squeeze within a downtrend

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