Economic Calendar
Volatility may occur during the rest of the week, and the Fed's interest rate decision will be crucial for the entire market.
GBP/USD hourly chart analysis
A dominant bearish trend contained within a descending channel. After a sharp drop to a new low near 1.3150, the pair has executed a swift recovery. This recovery has now stalled at a significant confluence of resistance around the 1.3300 level, a barrier formed by a horizontal price level, the 50-period moving average, and the channel's midline.
Hourly Chart
GBP/USD daily candle chart analysis
Price has recently dipped below the 50-day moving average, signaling a potential weakening of the prior bullish momentum. This bearish shift is further confirmed by the Relative Strength Index , which has fallen below its midline of 50, indicating that sellers are gaining short-term control. If this support level at 1.3200 fails to hold, the correction could extend further down towards the next significant Fibonacci levels.Read More: Technical Analysis
Traders are long
The majority of traders anticipate a continued bullish trend in the FX pair, largely driven by persistent weakness in the U.S. dollar. Unless there's a significant shift in U.S. monetary policy or an unexpected geopolitical event, the bullish outlook is likely to persist in the near term.