GBPUSDOn the monthly charts we have a long term bearish scenario. After a break of structure, the price hit the demand zone and corrected for the better part of 2023.
Moving down to the weekly charts, we see a mitigation of a previous supply, thereafter there was a reaction to the downside creating a bearish order flow.
On the daily charts, we have correction that seems to have come to an end. We have a bearish bias with no confirmation. We are awaiting for a break of key price levels to confirm our bearish outlook. If that happens, we are targeting the demand at 1.21656.
Should the market break higher, we are awaiting for it to settle at 1.20-1.30 price levels.
