FX.co ★ GBP/USD

Hello everyone and have a good weekend! On Friday the GBPUSD pair still failed to consolidate above the 1.3214 resistance, once again dropping by the end of the day back to the 1.3184 support. At the same time, the price remains within the hourly ascending channel. Although the daily candle closed bullish, the upper wick looks quite threatening for buyers. Intraday we can highlight a trading range between the Murray levels 1.1323 and 1.3245, with the median mark at 1.3184.

I note that the GBPUSD pair still held within the hourly ascending channel. If there is a bounce from the 1.3184 support, then the bullish scenario for Monday remains basically the same – we can expect a further rise into the 1.3214–1.3245 resistance zone, from which a price decline may resume. The bearish scenario will become relevant if the 1.3184 support is broken; in that case we expect a decline in price towards the 1.3153 and 1.3123 supports, followed by attempts to move back up.