FX.co ★ GBP/USD

GBPUSD M15 Chart Analysis: We discuss the current level of price behavior analysis of the GBP/USD currency pair. Today, there has been significant action in the GBP/USD currency pair. I think the price may gradually rise since yesterday's closure was comparable to the level of the day before. I'll hold off until the last daily candle's lowest point (1.33794). If a head and shoulders pattern develops over a shorter period of time, I will definitely initiate a trade. I will close positions at 1.33534 since I don't see any need to retain them there. My profit-taking goal is 1.34584, which is the retracement of half of the daily movement from yesterday's extreme. The pair must, however, break below the channel on the M15 time period in order for this to occur. This pair's ascending channel has lasted for a considerable amount of time, and these kinds of channels are usually short-lived. A flat departure may be the worst-case situation, but I don't think this is realistic. There was a rise from 1.33954 after Powell's recent speech, but I had expected the rate adjustment to have been in before Powell's speech. However, there was another increase after the speech, which makes me think that the uptrend is about to correct. Although I do not anticipate a full pair reversal, my first aim is a decline to 1.32954–1.33544 and maybe lower if the pound continues to weaken. Given that the Fed has lowered rates and the Bank of England is already decreasing them, with further cuts expected in the future, the probability of a decrease looks strong. After waiting for the Fed to start lowering interest rates, the ECB and the Bank of England may now start lowering rates as required. Consequently, the most probable scenario is a collapse followed by a correction.