Economic Calendar
Elevated volatility may be anticipated, and gross domestic product data from the United Kingdom may play a more significant role in the FX pair's volatility.
GBP/USD hourly chart analysis
GBP/USD is trading around 1.3662 after recovering from a dip to 1.3512 earlier in the week. It now faces resistance near the psychological 1.3700 level. The 200-day SMA is acting as a key resistance, with the recent brief move above it failing to hold, signaling strong selling pressure. Shorter-term SMAs, the 50 and 100-day, are curling upward, showing that while the long-term trend is under pressure, short-term momentum is trying to turn bullish.
Hourly Chart
GBP/USD daily candle chart analysis
The GBP/USD daily chart shows the current price at 1.36623, having recently spiked near 1.3800 before pulling back slightly. The price remains above the 50-day SMA at 1.3485, the 100-day SMA at 1.3379, and the 200-day SMA at 1.3430, which collectively indicate a strong bullish trend. Key support is at 1.3430, coinciding with the 200-day SMA, and a further support zone exists near 1.3000 to 1.3040. Resistance is currently near 1.3800, where the price recently reversed, with a more distant psychological resistance near 1.4200.Read More: Technical Analysis
Traders are short
GBP/USD pair exhibits a dominant bearish sentiment with a vast majority of 74.78% of traders holding short positions compared to a minority of only 25.22% who remain long.