Economic Calendar
Higher volatility levels should be considered due to upcoming data releases from United States and United Kingdom.
GBP/USD hourly chart analysis
The GBP/USD hourly chart is strongly bullish. The price is in a clear uptrend within an ascending channel and is trading above all key moving averages, confirming strong buying momentum. Recently, the price broke out above this channel, signaling the uptrend may accelerate. The crucial level to watch is 1.3800; if this former resistance holds as new support, the rally will likely continue towards 1.3850. A fall back into the channel would indicate a loss of immediate momentum.
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.