Amid lower overall volatility, GBP/USD is trading around the 1.31650 price zone and has risen above the 1.32440 price zone.
Although the Bank of England's Credit Conditions Survey and Financial Stability Report will be released, overall volatility is expected to remain low in the near term, except in the event of a sudden surge in demand for the U.S. dollar.
GBP/USD Daily chart analysis
- Bearish Case: A rejection at the 1.32455–1.33000 zone resumes the primary downtrend toward 1.31850, with a deeper breakdown exposing the major structural floor at 1.31000.
- Bullish Case: Bulls require a definitive daily breakout above both the upper channel line and the 1.33000 level to invalidate the current bearish narrative.
Daily Chart
GBP/USD Weekly chart analysis
GBP/USD is trading at 1.32400, locked in a medium-term bearish correction below its flattening 26-week SMA (1.34350). While the recent multi-week selloff is pausing at the 1.31850–1.32455 support zone, structural momentum remains firmly with the sellers. A weekly close below 1.31850 triggers a continuation drop toward the major 1.31000 prize zone.Read More: Technical Analysis
Traders are bullish