Economic Calendar
Elevated levels of volatility should be expected when considering the fundamental news coming out of the United States.
GBP/USD hourly chart analysis
In the short term, a move towards 1.27050 can be considered plausible if the bullish momentum continues. If no significant bearishness occurs, 1.27050 may be reached this week, provided economic data releases suggest further bullishness.
Hourly Chart
GBP/USD daily candle chart analysis
Recovery from 1.21000 may be considered an inflection point for the FX pair. 1.31000 could be considered a long-term bullish trade target. If bearishness occurs, the price level of 1.21000 could be seen as the first level of support, which may be tested.Read More: Technical Analysis
Traders are long
The majority of traders appear to be aligned with the current trend of the FX pair, indicating broad market consensus. This alignment suggests that many are confident in the direction the pair is moving, whether it be bullish or bearish. As a result, the overall market sentiment is likely reinforcing the prevailing trend, with traders potentially entering positions that reflect this general consensus.