Economic Calendar
Elevated levels of volatility should be anticipated, considering the economic data related to Britain's retail sales and U.S. jobless claims will be published.
GBP/USD hourly chart analysis
The FX pair is currently trading around the 1.2600 price level, with a move towards 1.2700 having a high probability. A move towards 1.2400 may occur if the simple moving average levels are broken.
Hourly Chart
GBP/USD daily candle chart analysis
Recovery from 1.21000 may be considered an inflection point for the FX pair. 1.31000 could be considered a long-term bullish trade target. If bearishness occurs, the price level of 1.21000 could be seen as the first level of support, which may be tested once more.Read More: Technical Analysis
Traders are long
Continuing trend from previous week, majority of traders expect a bullish recovery of the FX pair, driven by positive economic data or improving market conditions. This could lead to buying pressure and a move toward key resistance levels.