GBP/USD Technical Analysis

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The GBP/USD hourly chart currently exhibits a distinct bearish bias as the pair struggles below the orange 60-period SMA, positioning itself just above the critical 1.3515 support floor. With the 10:00 AM gilt auction only minutes away, market participants are bracing for a spike in volatility that could see these technical levels tested rapidly if domestic demand for UK debt underwhelms.



A failure to reclaim the immediate resistance at 1.3551, combined with the broader pressure of rising energy costs and political fragility surrounding the Prime Minister's leadership, suggests that a breakdown below 1.3515 is the path of least resistance, potentially opening a swift retracement toward the 1.3470 demand zone. While a robust auction result could trigger a sharp relief rally, the current price action remains capped by descending momentum, making the next hour a high-stakes litmus test for the Pound's near-term resilience.

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