FX pair closed higher, closing close to 1.33225.
Higher levels of volatility may persist through Fed interest rate decision.
GBP/USD hourly chart analysis
GBP/USD is currently in a corrective phase within a broader bullish trend, characterized by a Golden Cross alignment of moving averages where the 200-period SMA sits well below current price action. The market recently peaked at 1.3374 but has since retraced, slipping below the short-term 50-period green SMA, which is now acting as immediate dynamic resistance near 1.3340. Price is currently testing a crucial support confluence around 1.3310, where the orange 100-period SMA aligns with a horizontal support level; this area represents a high-probability buy zone where buyers are likely to defend the uptrend. If this 1.3310 support holds, a bounce back toward 1.3340 and potentially the 1.3374 highs is the most plausible outcome, but a sustained break below this floor would likely deepen the correction toward the major structural support at 1.3273 and the 200-period red SMA at 1.3265.
Hourly Chart
GBP/USD daily candle chart analysis
The pair is currently in a corrective phase within a broader bullish trend, characterized by a Golden Cross alignment of moving averages where the 200-period SMA sits well below current price action. The market recently peaked at 1.3374 but has since retraced, slipping below the short-term 50-period green SMA, which is now acting as immediate dynamic resistance near 1.3340.