Economic Calendar
Volatility may persist throughout the rest of the trading week, taking in consideration of both U.K and U.S treasury market activity.
GBP/USD hourly chart analysis
GBP/USD has broken out of consolidation and remains in a bullish trend, making higher highs and higher lows. After reaching around 1.3480, price pulled back and is now testing support near 1.3384, which is a key level. Overall, the bias stays bullish as long as price remains above the 1.3250, 1.3300 area.
Hourly Chart
GBP/USD daily chart analysis
GBP/USD is still inside a multi-month descending channel, meaning the broader trend remains bearish despite the recent bullish move seen on the lower timeframe. Price has bounced from strong support near 1.3170 and is now testing major resistance around 1.3400 1.3430, which aligns with the channel's upper boundary and the downward-sloping 50 SMA. However, if it gets rejected here, the pair could fall back toward 1.3250 or even retest 1.3170.Read More: Technical Analysis
Traders are long
GBP/USD is strongly bullish, with about 72.8% of traders holding long positions, which can sometimes act as a contrarian signal suggesting potential downside risk.