Economic Calendar
This week may see higher levels of volatility as both the UK and the US will release significant macroeconomic data that could impact the currency.
GBP/USD hourly chart analysis
The repricing of the dollar has led to a decline in the value of the currency pair, pushing it down to the 1.23000 price level. This move reflects a broader strengthening of the U.S. dollar, which has impacted many currency pairs, including this one. As the dollar gains strength, investors are shifting their positions, leading to downward pressure on the price of the pair.
If the bearish momentum continues, the next logical support target could be the 1.21500 price level. This level may act as a key area where the currency pair could find some support, depending on the strength of the downward trend. If the pair reaches this level and struggles to break below it, a potential reversal could occur, but if selling pressure remains strong, the pair could break through and continue lower.
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.