Economic Calendar
Higher volatility levels may be anticipated during fundamental data releases from both UK and United States.
GBP/USD hourly chart analysis
GBP/USD is forming a bullish ascending triangle pattern on the hourly chart, suggesting the price is likely to break out to the upside.
The key resistance ceiling that needs to break is at 1.3540. The rising trendline below is the critical support that must hold. A sustained break above 1.3540 would signal a move towards 1.3600. However, a break below the rising trendline support would negate this bullish setup.
Hourly Chart
GBP/USD daily candle chart analysis
The current short-term environment may imply further bearishness if the 1.33600 support level is broken. Rejection of this support level could create directional significance in the short term, potentially testing the 1.3600 resistance level.Read More: Technical Analysis
Traders are long
The majority of traders currently anticipate a bullish trend in the FX pair, largely driven by ongoing weakness in the U.S. dollar. This sentiment is supported by factors such as soft economic data from the U.S., expectations of potential interest rate cuts by the Federal Reserve.