GBPUSD Near Key Resistance – Watching for Pullback

5月23日

GBPUSD has surged to test the 1.3538 resistance, forming a strong impulsive rally supported by higher lows and tight bullish consolidation patterns. However, price is now pressing into a major horizontal resistance and rising trendline, setting up for either continuation or correction.

Key Levels:
Major Resistance: 1.35389 (previous high, potential double top)

Trendline Support: ~1.3440 (ascending structure)

Downside Target (if break occurs): 1.3140 (range floor)

Scenarios to Watch:
🔹 Bearish Scenario (Primary Watch)

Price reacts to 1.3538 and forms a rejection candle

Break of the ascending trendline may trigger a retracement

Downside target zones:

1.3440 (initial structure)

1.3140 (major support zone)

🔹 Bullish Breakout (Alternate Scenario)

Clean break and close above 1.3538

Would invalidate short-term correction and open path to new highs

Momentum continuation possible toward 1.3600–1.3700

Pattern Notes:
Bullish structure with minor flags and wedges in the uptrend

But rally is extended and hitting overbought territory near resistance

RSI divergence or reversal patterns around this level would strengthen short case

Conclusion:
📌 GBPUSD is at a major resistance. Watch for rejection or breakout.
📌 If it holds below 1.3538 and breaks trendline, short setup is favored.
📌 If it breaks out above 1.3538 with volume, stay out of shorts and wait for retest.

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