GBP/USD Market Structure and Breakout Pattern Analysis: Key Levels, Trend Reversal & Outlook

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Price action suggests a transition from a bearish phase into a potential bullish breakout. From November to February, the pair moved steadily within an ascending channel, respecting support and resistance boundaries until peaking near 1.3800. After that, it shifted into a descending channel through February to early April, forming lower highs and lower lows as momentum cooled. Recently, however, price has broken above the upper boundary of this descending channel, which is a key technical signal that bearish pressure may be fading and a new upward trend could be developing.



Earlier turning points help confirm this structure: the bounce from around 1.3000 in November started the rally, the failed breakout near 1.3678 in February acted as a bull trap leading to the decline, and the strong rejection near 1.3204 in April provided the base for the current breakout. Right now, price is around 1.3460, acting as a pivot zone. If bullish momentum holds, the next target is a move back toward 1.3500 and potentially a retest of the 1.3678 resistance. On the downside, if price drops back below 1.3330 and re-enters the channel, the breakout would be considered failed and could lead to another test of the 1.3200 support area.
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