Economic Calendar
Volatility may occur during the rest of the week, and the Fed's interest rate decision will be crucial for the entire market.
GBP/USD hourly chart analysis
Currency pair is trading within a descending channel, which points to a bearish trend. The price recently bounced up from the channel's lower support line around the 1.3300 level. However, this upward correction is now approaching a heavy zone of resistance formed by a cluster of moving averages between 1.3420 and 1.3455.Given the strong downtrend, a convincing break above the moving averages and the top of the channel would be required to signal a potential reversal of the trend.
Hourly Chart
GBP/USD daily candle chart analysis
Price has recently dipped below the 50-day moving average, signaling a potential weakening of the prior bullish momentum. This bearish shift is further confirmed by the Relative Strength Index , which has fallen below its midline of 50, indicating that sellers are gaining short-term control. If this support level at 1.3200 fails to hold, the correction could extend further down towards the next significant Fibonacci levels.Read More: Technical Analysis
Traders are long
Majority of traders expect a continuation of bullishness in the FX pair, driven by weak dollar.