FX.co ★ GBP/USD

The analysis of the daily chart movement of the GBP/USD currency pair indicates a general downward trend. However, recently the pair has been in a bullish correction phase, testing the upper boundary of the TMA indicator bands, which poses a threat of a trend reversal to the upside. If the bulls manage to open their daily candle above the upper boundary of the TMA indicator bands and enter the active buying area, then we can truly talk about this event. Currently, we see that the bears are keeping the price slightly below the reached high of 1.3445 on the daily chart, trading the pair at the level of 1.3375. Moreover, the Stochastic indicator still provides sufficient support for the bears, so we can expect a further decline of GBP/USD towards the support at 1.3290 in an attempt to break below the 1.33 level. However, before reaching the level of 1.3290, it will be necessary to monitor the overall situation and, in particular, the Zigzag indicator mark. If it appears, it is quite likely that the GBP/USD pair will start a new upward wave, but I believe it's better not to jump to conclusions just yet.