FX.co ★ GBP/USD

GBPUSD Intraday Forecast: Next, we will examine the current price movement of the GBP/USD pair. Given the volatility of this pair, it would be prudent to focus on long positions in the range of 1.34425 to 1.34495. It may be worth considering short positions at 1.34425 or 1.34425. If certain fundamental pressures exist, the value of the pound could fall to 1.34425 or from 1.34425 to 1.34425. Given this uncertainty, a wait-and-see approach would be preferable. Analyzing the GBP/USD pair, the price appears to be confined to a horizontal trend. This offers day traders within a fixed price range the opportunity to profit from both upward and downward movements. The current position near trendline support suggests a potential uptrend, but the recent sharp rise has created some hesitation. Yesterday, the pair moved sideways before US traders entered, showing short-term price fluctuations. However, a sharp decline quickly wiped out almost all of Friday's gains. An attempt to break through the 23.6% Fibonacci support level at 1.34425 failed, but a false breakout of this strong support level suggests a potential uptrend. Bulls could break through the yellow moving average on the 4-hour chart and target the current local high of 1.34425.

An alternative scenario would only occur if the price settles firmly below 1.34425. There is no major UK news today, but the US will release important updates including November services PMI and preliminary labor market figures. As usual, major market activity will begin after the arrival of US traders. The medium-term outlook is bearish. The pound is likely to fall below 1.34425 and then head towards that level. If the price falls below the 4-hour low of 1.34425 and holds below this level, the downtrend will continue and the UK currency will reach new lows.