Economic Calendar
In the short term, a bullish reversal could take shape if the price successfully breaks above the key resistance level at 1.34850. This breakout would indicate strengthening buyer momentum and could trigger further upward movement. Sustained trading above 1.34850 would likely confirm the reversal and increase the likelihood of continued bullish momentum in the near term.
GBP/USD hourly chart analysis
The current short-term environment may imply further bearishness if the 1.33600 support level is broken. Rejection of this support level could create directional significance in the short term, potentially testing the 1.3600 resistance level.
Hourly Chart
GBP/USD daily candle chart analysis
The current short-term environment may imply further bearishness if the 1.33600 support level is broken. Rejection of this support level could create directional significance in the short term, potentially testing the 1.3600 resistance level.Read More: Technical Analysis
Traders are long
The majority of traders currently anticipate a bullish trend in the FX pair, largely driven by ongoing weakness in the U.S. dollar. This sentiment is supported by factors such as soft economic data from the U.S., expectations of potential interest rate cuts by the Federal Reserve, and overall market risk appetite favoring higher-yielding or more stable currencies.