FX.co ★ Mieke | GBP/USD

GBPUSD 1-Hour Analysis: The buyer met his objective of 1.32710 yesterday, which was largely successful. Although the buyer aspired higher, it seems that they only had the momentum to reach the present level. Despite this, the trend was good, consistent with the broader market momentum. Currently, on the hourly chart, the market looks to be in decline, with sellers exhibiting some activity. However, trade volumes remain low, which is not a good indicator for the market's strength. I anticipate the sale will be active between 1.32425 and 1.32018, with a smaller range utilizing shorter periods. Ideally, within this range, the market should gravitate toward updating the minimum, particularly given the current waves and trend patterns. This shift is consistent with the present market structure and might pave the way for future changes. The situation with the GBP/USD pair has been both advantageous and hard for us. If it weren't for a few issues, everything would be fine. Unfortunately, there have been pauses in purchase activity. Today's market signs indicate volatility, with an upward advance reaching 1.33100 before likely sliding again. The price stays within its current range, having rebounded from support levels seen yesterday. As a result, we may encounter opposition shortly, whether immediately or later. This will assist us predict the future market direction. Despite the fact that the 1.31848-1.32056 levels were not attained, they might still be revisited. However, there is significant support around 1.32397, which stops further price decrease. I remain focused on this level. A violation of this support might lead to more declines, but above 1.33392 would end any negative view.