FX.co ★ 48M | GBP/USD

GBPUSD Market Outlook: It's great to be able to discuss the current price movement of the GBP/USD pair. It's worth noting that the pair has broken through the support zone between 1.33883 and 1.34033 and is currently trading at 1.34033. The next target for GBP is the resistance level of 1.35223, which is important to monitor carefully. It's also worth mentioning that there may be stop-loss orders hidden below the 1.33853 level. If the price falls below 1.33883, even if only one candlestick closes on the 1-hour chart, the uptrend will break. Conversely, it would be a false bullish signal, and the subsequent decline would accelerate. The current rise of the GBP/USD pair looks inexplicable, but I would buy based solely on technical analysis and sell when the price rises to 1.35223 or falls below 1.33853. I would sell whichever comes first.

I'm also monitoring dollar demand, which is still trending upwards. However, the most important thing is how the dollar moves going forward. Regarding the pound's difficult situation, it's important to note that it didn't fall yesterday, and there's still some short-term momentum. On the other hand, we can talk about a local uptrend. There are even higher local targets, which is a positive sign. I'm particularly focused on the uptrend, and I wouldn't rule out buying there if it falls to around 1.33653. This uptrend is just a correction, and this currency pair will continue to decline. When this currency pair bounced off the resistance line at 1.35773, I expected it to fall to the support level of 1.33843. Then, when this support was broken, I adjusted the lower end of my forecast, assuming it would return to previous lows.