Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The British pound staged a strong rally against the U.S. dollar, approaching the psychological resistance at 1.3500 and recording a session high of 1.3511.
Technical Outlook – 4-Hour Timeframe:
In the short term, the simple moving averages continue to provide dynamic support, reinforcing the bullish structure. However, the Relative Strength Index (RSI) is beginning to issue early negative signals, suggesting the possibility of a temporary pause or pullback in the ongoing upward momentum.
Likely Scenario – Bullish Bias (With Possible Retest):
In the coming hours, we may see a retest of the 1.3400 support level before the uptrend resumes. A confirmed break below 1.3400 could temporarily disrupt the bullish scenario, potentially leading to a decline toward 1.3350.
However, if the pair holds above 1.3410 and manages to break above 1.3520, this would serve as a bullish confirmation, opening the door for further gains toward:
- 1.3570 as the next upside target
Market Catalyst:
High-impact events are expected today, including speeches from Federal Reserve Chairman Jerome Powell and Bank of England Governor Andrew Bailey. These events could trigger significant price volatility in GBP/USD.
Caution:
Risk remains elevated amid ongoing geopolitical and trade-related uncertainties. All scenarios remain possible, and traders should apply strict risk management.
Disclaimer: Trading in CFDs carries inherent risks. The analysis provided herein is not a recommendation to buy or sell, but rather an interpretation of the current price movement on the chart.
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