GBP/USD | Rejection at Key Supply Favors Move Towards 1.3000GBP/USDOANDA:GBPUSDJCW-Fx21GBP/USD has rallied into a key area of technical confluence, where I believe bullish momentum is beginning to lose strength. Following the completion of an A–B–C corrective structure, price has tested a well-defined 4-hour rejection area positioned beneath the 15th June High and in close proximity to the 200-period moving average. This region represents a significant supply zone where sellers have previously demonstrated control. Combined with elevated RSI readings and the completion of the corrective advance, the current price action suggests the market may be preparing for a broader bearish continuation. My primary downside objective remains the psychological 1.3000 level, which aligns with both a 1.618 Fibonacci extension and a previously identified support zone, creating a high-confluence target. To illustrate my projected market sequence, I have incorporated TradingView’s Ghost Feed as a visual representation of the expected price path should sellers continue to defend the highlighted rejection area. The projected candles are intended to support the broader technical narrative rather than serve as the foundation of the analysis. From a macro perspective, while Sterling continues to benefit from a relatively supportive Bank of England stance and recent US dollar softness, I currently view these factors as insufficient to invalidate the technical structure developing on the 4-hour timeframe. Instead, I see the potential for a tactical correction within the broader market context, particularly if upcoming US economic data provides renewed support for the dollar. Key Takeaway My bias remains bearish while price continues to respect the highlighted rejection area below the 15th June High. A sustained rejection from this zone would reinforce the expectation of a move towards the 1.3000 key level, while a decisive close above the supply zone would invalidate the current bearish thesis and shift the focus towards further upside. As always, this analysis is based on probabilities rather than certainty, and I will continue to allow price action to confirm or reject the scenario before adjusting my outlook.