GBP/USD outlook

Source: Dukascopy Bank SA
Continuation in the dollar weakness in the combination with elevated volatility fueled trading week pushed FX pair to the downside, closing above 1.34500.

Economic Calendar


Volatility should be expected, considering further dollar weakness may persist.

GBP/USD hourly chart analysis

The FX pair has shown short-term bullish momentum, pushing the price toward the 1.36000 level. This suggests buyers are currently in control.
If the bullish trend loses strength, a pullback may occur, with the 1.3380 support level likely to be tested. How the price reacts at this level could signal whether the trend continues or starts to reverse.

Hourly Chart

GBP/USD daily candle chart analysis

Long-term bullishness could move the FX pair towards the 1.38000 price level once the 1.34300 resistance is passed. If Bearishness would occur, there may be wide range of sideways price moves.

Daily chart


Traders are short
Continuing previous week trends majority of traders expect a bearishness of the FX pair, driven by weak economic data or improving market conditions.




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