Economic Calendar
Higher volatility levels may be anticipated may be expected due to upcoming data releases from United States and United Kingdom.
GBP/USD hourly chart analysis
GBP/USD is in an uptrend and is currently testing the key 1.3540 level as new support. The pair is in a classic bullish pullback after breaking through the significant 1.3540 resistance. All moving averages are pointing up, confirming the trend's strength. This level is now a critical floor. If the 1.3540 support holds, expect a bounce and a retest of the 1.3600 high. However, a break below this support would signal a deeper correction towards the 1.3485 area.
Hourly Chart
GBP/USD daily candle chart analysis
A long-term trend for GBP/USD is bullish, and the price is now attempting to break out of a multi-month consolidation range. After trading sideways for months, the price is now holding firmly above all key daily moving averages, a sign of renewed buying interest.Read More: Technical Analysis
Traders are long
Continiuing previous weeks trend 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.