GBP/USD 1-Hour Chart Analysis: Bearish Setup with Key Resistance

GBP/USD 1-Hour Chart Analysis: Bearish Setup with Key Levels
Key Technical Indicators:
Current Price: $1.29427

30 EMA (Red Line): $1.29453 (Short-term trend)

200 EMA (Blue Line): $1.29351 (Long-term trend)

Key Resistance Zone: $1.29663 - $1.29851 (shaded purple)

Support & Target Levels:

TP 1: $1.29358

TP 2: $1.29153

TP 3: $1.28895

Final Target: $1.28662

Analysis:
Trend:

The price is struggling around the 30 EMA and 200 EMA, showing indecision.

The shaded resistance zone ($1.29663 - $1.29851) is a key area where sellers may take control.

Trade Setup:

Entry: Expected near $1.29663 (potential rejection from resistance).

Stop Loss: Above $1.29851 (to minimize risk if price breaks higher).

Take Profit Targets: Multiple levels, with the final target at $1.28662.

Bearish Confirmation:

If price gets rejected at resistance, a downside move toward support levels is likely.

A break below 1.29358 could accelerate selling pressure.

Conclusion:
The chart suggests a potential bearish trade setup, with resistance acting as a key rejection point.

Watch for confirmation signals at the resistance zone before entering a short trade.

A break above $1.29851 would invalidate the bearish outlook.