Technical Analysis on the GbpUsd market pair with Bollinger bands on Wednesday, May 6, 2026 Trading in the GbpUsd market pair transacted on Tuesday provided a clear picture where the sellers were unable to maintain their advantage as their bearish pressure was strongly countered by the buyers who managed to secure the support area at the price of 1.3512-1.3513 from the bearish sellers. This allowed the price movement of the GbpUsd pair to be fully controlled by the buyers who increased buying pressure, causing the price to rise bullish.
Monitored using the Bollinger bands indicator on the Daily timeframe, the price movement of the GbpUsd pair continues to be supported by the buyers to stay above the Middle Bollinger bands area at the price of 1.3521. This is supported by the formation of a bullish Doji candlestick and the Bollinger bands lines still opening upwards, further indicating strengthening prices with full support from market participants who desire the GbpUsd pair price to continue strengthening bullish even higher. With the current advantage held by the buyers, it certainly provides a greater opportunity for buyers to dominate the trading by targeting the price to break out above the Middle Bollinger bands area, and if successful, the opportunity to move towards the next target area at the Upper Bollinger bands at the price of 1.3601. Trading in the afternoon today, approaching the opening of the European market on Wednesday, is once again dominated by the sellers who are trying to keep the price moving downwards bearish, targeting the price to reach the nearest target area, the support area of the nearest buyer first. If this is successfully done by the sellers, the price will weaken further and could engage in trading options with selling. Alternatively, pending orders can be placed as follows: Sell entry is done if the sellers successfully break below the nearest buyer support area located at the price of 1.3504-1.3503 with the TP target area at the price of 1.3476-1.3475. Buy entry can be done if the buyers successfully break above the nearest seller resistance area located at the price of 1.3567-1.3568 with the TP target area at the price of 1.3604-1.3605.
