On the 2-hour time frame, the GBP/USD pair is forming a pennant-type structure based on the concept of FMFR (first move is fake, then reversal). The first movement of the pattern has already been executed, and the price has now reached our defined reversal zone.

Additionally, a bullish candlestick has formed directly at the reversal zone on the 2-hour chart, indicating potential buying strength from this level. If the price continues to respect this area, we may see a short-term bullish reaction from the current structure.

Source link