FX.co ★ GBP/USD

GBPUSD D1 Chart Analysis: We are currently working on deciphering the live price for the GBP/USD currency pair. Let's look at the GBP/USD currency pair using the D1 time frame chart. The wave structure stays upward, indicating that the overall trend is still positive. However, the MACD indicator, although remaining in the upper buying zone, has fallen below its signal line, indicating that the pair is starting a corrective phase. This downturn is not yet ended. Although the price is difficult to decline, it previously rose quickly, almost easily. The horizontal support level of 1.32358, based on prior candle closing prices, is the primary goal for this correction, and it will be reached soon. This strategy should hold till the price hits the 1.32358 goal level. Following that, a corrective wave may develop, providing tiny profits to traders who work throughout the day. Following the previous dip, the price underwent a little upward corrective during the last week, reaching a mirror level at 1.34081, a hard selling zone. On Friday, U.S. economic data momentarily lifted the price above this level, but it was unable to maintain the breakout, resulting in a steep fall. As a consequence, the price stayed below 1.34081, with the short advance above being a stop-hunting spike. After such a strong gain last month, I predict a three-wave corrective pattern to emerge, bringing the price down. The Fibonacci retracement may be applied to this wave, but it is unnecessary in this instance; the goal remains at 1.32358. Other major currency pairings are likewise headed toward US dollar growth in the foreseeable future. As a result, the emphasis should be on short-term selling possibilities, particularly in smaller time frames within the day, when pullbacks may provide a favorable opportunity to begin trades.