GBP/USD Technical Outlook: The 1.31670 Crossroads

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The GBP/USD is hovering at a high-stakes crossroads near 1.32115, staring down a major make-or-break floor at 1.31670 that previously rescued the pair back in April. Ultimately, the ultimate driver for both paths in the near term hinges on broader market appetite for the US Dollar, a sudden surge in greenback demand could easily smash through that 1.31670 floor, invalidating the bullish double-bottom setup and triggering the red trajectory down toward 1.30970 and 1.27930.



Conversely, if dollar demand cools off, it could give the pound the exact breathing room it needs to defend this trench and spark a massive slingshot rally along the green path, targeting 1.36130 and potentially stretching all the way up to 1.38600.

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