Economic Calendar
No significant volatility levels are anticipated in the FX pair; however, unexpected fundamental information could trigger a risk readjustment in the market.
GBP/USD hourly chart analysis
GBP/USD chart shows a sharp bullish reversal, with the price now in a corrective pullback testing a key support level. The previous downtrend ended with a powerful "V-shaped" recovery from the 1.3388 low, an explosive move that pushed the price above all its key moving averages and signaled a significant shift in market control from sellers to buyers. This bullish reversal is confirmed by the moving averages, as a short-term "golden cross" is in progress, reinforcing the new bullish momentum. After hitting resistance at 1.3540, the price has pulled back and is currently testing the 1.3488 level as its first line of support, with a stronger support zone between 1.3460-1.3470. As long as the price holds above this support area, the outlook remains bullish, with an eventual re-test of the 1.3540 high being the likely objective.
Hourly Chart
GBP/USD daily candle chart analysis
The current short-term environment may imply further bearishness if the 1.33600 support level is broken. Rejection of this support level could create directional significance in the short term, potentially testing the 1.3600 resistance level.