GBP/USD Daily Chart Analysis: Short-Term

Trend Channel: The price is moving within a downward trend channel, marked in blue. This indicates continued downward pressure in the short term.

Bullish and Bearish Scenarios:

Bullish Scenario: As shown by the blue arrows on the chart, the price might make a corrective move up toward the upper boundary of the channel. The target for this movement could be around the 1.32631 level. If this rise occurs, there could be potential buying opportunities.
Bearish Scenario: If the price reaches the upper boundary of the channel, it might encounter resistance and resume a downward trend. In this case, it could potentially drop back to the 1.2960 level or even lower to the support levels at 1.28166 and 1.26647.
Support and Resistance Levels:

Resistance Levels: The 1.33900 and 1.34450 levels are strong resistance zones. If the price reaches these levels, it may face significant selling pressure.
Support Levels: The 1.28166 and 1.26647 levels are possible support points. If the price declines to these levels, it might find upward momentum.
Risk Management: The red zone appears to be a potential stop-loss area, likely set to manage risk during the upward correction.

Trendline: The yellow trendline forms a significant support area for the price direction. As long as the price remains above this line, there’s a chance for upward movements to continue.

Overall, this analysis suggests a short-term upward correction followed by a potential continuation of the downtrend. Resistance and support levels can be monitored for entry and exit points.