Economic Calendar
Higher volatility should be expected with the upcoming CPI data from the United States and GDP numbers from Great Britain.
GBP/USD hourly chart analysis
A slight bearish move from the 1.25080 price level towards 1.23000 has occurred on the shorter time frame. The current FX price is below the 50-period, 100-period, and 200-period simple moving averages on the shorter time frame.
Hourly Chart
GBP/USD daily candle chart analysis
Recovery from 1.21000 may be considered an inflection point for the FX pair. 1.31000 could be considered a long-term bullish trade target. If bearishness occurs, the price level of 1.21000 could be seen as the first level of support, which may be tested once more.Read More: Technical Analysis
Traders are long
The majority of traders expect a bullish recovery of the FX pair, driven by positive economic data or improving market conditions. This could lead to buying pressure and a move toward key resistance levels.