Economic Calendar
Elevated levels of volatility may occur during this trading week considering both United States and United Kingdom will present fundamental data that would impact market.
GBP/USD hourly chart analysis
A strong short-term recovery is currently challenging the boundary of a long-term bearish channel. After finding support at the bottom of this channel, the price has rallied powerfully, pushing above all three of its key moving averages and forming a bullish "golden cross," which signals significant short-term buying pressure.
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 bearishness in the FX pair, driven by strong dollar.