FX.co ★ GBP/USD

Overview of GBPUSD Trend: Lets discuss the GBP/USD currency pairs price behaviour. Its not advisable to jump to the conclusion of an upward trend for GBPUSD. The pivotal point between upward and downward movement is 1.34980. Although I'm leaning towards a bullish direction, the bullish momentum is stagnant, and this could be due to the impending American involvement—the recent hopes for a move towards 1.35150 still needed to be fulfilled. Today, I initiated a slight sell-off for this pair, which is inexplicable. Even though volatility is nascent, we can see a firm consolidation above 1.34550, prompting me to open a buy position at 1.34600. The profit targets include 1.35170 and 1.35780. Even after surpassing the initial target, sustained buying can be likely. However, clarity persists with the ultimate target at 1.35780.

The anticipated ascent towards the Double Bottom pattern support level of 1.35530 failed to materialize, leaving the pair indebted to upward movement. If an immediate downturn occurs, we can expect a rebound towards 1.35480. Conversely, breaching this level could signal a direct move towards pattern completion without a retracement, complicating future expectations. The pair forms a bullish pin bar daily candle with a lengthy lower tail, suggesting potential upward movement. 1.35150 on GBP/USD is also pivotal, coinciding with the expanding triangles lower boundary and the reversal figures resistance line. The expanding triangle, visible on both four-hour and daily charts, accompanies a double top formation on the daily chart, with the pair already below its support. Therefore, the primary inclination remains bearish.