On the H4 chart of GBPUSD the market has been carving a descending channel since early June. Each successive candle has produced lower highs, with the most recent swing high at 1.34498 and the current price hovering around 1.34075. Volume has been tapering on the brief upward spikes, indicating weak buying pressure, while bearish bars have been supported by solid volume, confirming the downtrend. The price action shows a classic bearish momentum: the last three candles closed lower, and the low of the latest bar (1.33904) is already testing the lower boundary of the channel. A break below the 1.34075…

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