FX pair moved higher, closing above 1.34250.
Moderate levels of volatility may be observed if fundamental data from United Kingdom provides any deviation from estimates.
GBP/USD hourly chart analysis
GBP/USD shows a short-term bullish trend, After reaching a high at the 1.3480 resistance, the price has entered a sideways consolidation. It is currently testing the SMA 50 at 1.3431 as its immediate support. If this level fails, the next support is at 1.3400, followed by a major support zone between 1.3370 and 1.3383, where the SMA 100 and SMA 200 converge
Hourly Chart
GBP/USD daily candle chart analysis
GBP/USD shows that the long-term bullish trend has stalled and shifted into a neutral, sideways consolidation phase. This loss of momentum is confirmed by the flattening of the SMA 50, the green line, and SMA 100, the red line. The price is currently trapped in a wide range. It is facing a strong resistance cluster overhead between 1.3430 and 1.3490. This area is formed by the SMA 50, the SMA 100, and a horizontal price level. Significant support lies below at the 1.3170 level. This major support is reinforced by the rising SMA 200, which is the blue line. The market is likely to remain choppy and range-bound until the price decisively breaks either above the 1.3490 resistance or below the 1.3170 support.Read More: Technical Analysis
Traders are long
Building on the trend from previous weeks, most traders now expect a bullish move in the FX pair, primarily due to persistent softness in the U.S. dollar.