The GBP/USD currency pair maintains a bullish sentiment, supported by a rising trendline and sustained higher lows. The recent intraday price action suggests a corrective pullback within an overall uptrend, indicative of a consolidation phase rather than a reversal.
Key Support Level: 1.3400
This level aligns with a previous consolidation zone and is acting as a pivotal support. A pullback toward this level could offer a potential buying opportunity, especially if bullish momentum returns.
Upside Targets (on bullish continuation from 1.3400):
1.3515 – Initial resistance from prior swing high
1.3580 – Intermediate resistance level
1.3630 – Long-term target and potential top of the current bullish channel
Bearish Scenario (if 1.3400 fails):
A daily close below 1.3400 would invalidate the current bullish setup, signaling a potential shift in trend. In that case:
Immediate support at 1.3360
Deeper retracement could extend to 1.3310
Conclusion
The broader trend in GBP/USD remains bullish, with the current consolidation viewed as a potential pullback rather than a reversal. The 1.3400 level is critical — a bounce from here could resume the uptrend toward 1.3630 over time. However, a break and close below 1.3400 would weaken the bullish case and open the door to further downside. Traders should monitor price action closely around this key level for confirmation.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Key Support Level: 1.3400
This level aligns with a previous consolidation zone and is acting as a pivotal support. A pullback toward this level could offer a potential buying opportunity, especially if bullish momentum returns.
Upside Targets (on bullish continuation from 1.3400):
1.3515 – Initial resistance from prior swing high
1.3580 – Intermediate resistance level
1.3630 – Long-term target and potential top of the current bullish channel
Bearish Scenario (if 1.3400 fails):
A daily close below 1.3400 would invalidate the current bullish setup, signaling a potential shift in trend. In that case:
Immediate support at 1.3360
Deeper retracement could extend to 1.3310
Conclusion
The broader trend in GBP/USD remains bullish, with the current consolidation viewed as a potential pullback rather than a reversal. The 1.3400 level is critical — a bounce from here could resume the uptrend toward 1.3630 over time. However, a break and close below 1.3400 would weaken the bullish case and open the door to further downside. Traders should monitor price action closely around this key level for confirmation.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.