In the begining of current trading week GBP/USD has recovered towards 1.34000.
Towards trading week volatility may rise due to fundamental data releases coming outside United Kingdom, also, market volatility may bring additional volatility in the FX.
GBP/USD Daily chart analysis
GBP/USD daily chart confirms the bearish momentum observed on the higher timeframe, with price action firmly entrenched in a short-term downtrend characterized by lower highs and lower lows since the early May peak. Trading at 1.33967, the pair is demonstrating an inability to sustain upward momentum, as recent failed recovery attempts highlight a persistent overhead resistance ceiling. The sharp sell-off from the 1.3500 area indicates strong supply, leaving the immediate structural focus on the critical support line at 1.3300.
Daily Chart
GBP/USD Weekly chart analysis
GBP/USD weekly chart exhibits a neutral-to-bearish structural bias as price action consolidates within a broad horizontal range, currently printing at 1.33962. Price is trading directly below a flattening SMA 1.34602, which highlights a loss of upward momentum following the sharp rejection off the 1.3570 resistance zone in May. With the last few weekly candles showing persistent overhead supply and lower highs, the path of least resistance points toward a near-term test of the immediate structural support level at 1.3300.Read More: Technical Analysis
Traders are bullish