#GBPUSD (Pound / US Dollar)

💸 #GBPUSD (Pound / U.S. Dollar)
🕓 Time Frame: 4-hour Chart/Close
🔽 Status: Bearish
📆 10/07/2024

Analysis:
The GBP/USD chart on the 4-hour timeframe, we observe that the price started to rise exactly as expected from the specified area, achieving a gain of over 170 pips and reaching the supply zone at 1.28470. After reaching this zone, the price experienced a correction and is currently trading around 1.27840.

Key Observations:
Initial Rise: Price increased by over 170 pips, reaching the supply zone at 1.28470.
Correction: After hitting the supply zone, the price corrected and is now around 1.27840.
Bearish Outlook: The current correction suggests a continued decline, with expectations for the price to reach lower levels soon.

Conclusion:
The GBP/USD pair shows a bearish outlook in the short term, with the price likely to continue its decline after the recent correction.