GBPUSD Market Outlook
In recent trading sessions, the GBPUSD pair saw a reduction in downward pressure at the R1 level, aligning with the central line of the ongoing bullish flag pattern. Notably, the 4-hour chart of GBPUSD revealed a hammer candlestick formation, indicating a potential shift towards an upward movement. The chart analysis points towards an anticipated push towards the R2 resistance mark.
The bullish outlook is further reinforced by the support at 1.237. However, if this support fails, it's likely that the downward trend that began on November 15th may extend, targeting the 1.228 level as an immediate goal.