FX.co ★ Nicos | GBP/USD

GBPUSD 1-Hour Analysis: The assessment of the current price movement of the GBP/USD currency pair is the main topic of discussion. Today, I am more and more likely to support the bulls, mostly since the latest drop was very strong. The bulls are progressively picking up steam and become bullish once more. The critical range between 1.35308 and 1.35194-1.35419, however, might only occur tomorrow. Even news about services is available, albeit it could be more comprehensive. The tendency is unchanged, and the economic calendar is not empty. As a result, there is no reason to be concerned. For the time being, a target of 1.34723–1.34945 should be adequate for today. Spending the majority of the day in accordance with protocol would be expected because we are not working in a vacuum. Additionally, since the highs are constant, if slowly, I'm not in a rush to expect a reversal. Notably, these highs are yearly; the top from the previous year fell within the 31st figure's target zone, and it doesn't seem likely that we've reached this position just to precisely retrace it. The hourly chart's linear regression channel supports positive sentiment by aligning with the M15 chart. Purchasing is prioritized given the direction of both channels. Right now, there are no conditions that encourage selling. The M15 channel would have to point downward for a sell-off to occur, at which point it could be feasible to look into selling possibilities. Nevertheless, both channels favor the bulls, as the charts demonstrate, leaving little opportunity for negative activity. Since buyers are making steady progress in the market, it is wiser to join them from the lower limit around 1.34224, which offers a more favorable buying entry point. If the price falls below this threshold, sales may take over and purchasing chances may decrease. My goal is to reach the channel's upper border at 1.34841. The market might drop when the bulls hit this level, but I intend to avoid that.