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The GBP/USD pair is attempting to regain bullish momentum, benefiting from a solid rebound off the key support level at 1.3260.
Technical Outlook:
Intraday price action shows early signs of recovery, supported by consolidation above the 1.3260 level. The Relative Strength Index (RSI) has emerged from oversold territory and is turning higher, suggesting improving bullish sentiment. The pair is currently testing the psychological resistance at 1.3300.
Probable Scenario:
As long as the price remains stable above 1.3260, the short-term outlook remains constructive. A confirmed break above 1.3300 would reinforce the bullish bias, opening the way for a move toward the next resistance levels at 1.3320 and 1.3360.
Alternative Scenario:
Failure to hold above 1.3260 could invite renewed selling pressure, with downside targets at 1.3230 as the next support level. A break below that may delay any potential recovery.
Warning:
Risk remains elevated amid persistent geopolitical tensions and macroeconomic uncertainty. Sharp price swings are possible, and traders are advised to implement proper 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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