Expected Rebound Zones for the GBP Index

The GBP Index is moving in a downtrend on the 4-hour chart.

Following news that led to a decline in the currency and a clear weakness yesterday

 against all currencies, the GBP Index is currently consolidating on the 1-hour chart.

This is expected to push the index back towards the supply zones above.

If the consolidation is successful, this will signal temporary strength

 for the GBP in the short term until the index reaches the supply zones above.

These are considered strong rebound zones, 

and we are expected to see the index return to decline from these zones.

Towards the targets specified on the chart at the levels of 2.7790 and 2.7730.

If the decline from the supply zones is successful,

 this will signal weakness for the GBP against most major currencies in the short term.

The analysis fails to break through the supply zone

s and close above them with a 4-hour candle.