On the H1 chart of GBP/USD the market has been carving a descending channel since the 1.3273 peak on 2026‑06‑22. Each successive high has fallen below the prior resistance, with the last three highs trapped under 1.3220, while lows have slipped toward the 1.3185‑1.3190 zone. Volume spiked during the upward thrust (≈8k‑9k contracts) but has tapered to sub‑2k levels in the most recent bars, indicating waning buying interest and a lack of confirmation for a rally. The price is now testing a short‑term resistance around 1.3200‑1.3210, yet the candle structure shows a bearish engulfing pattern and a declining momentum oscillator.…

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