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A short-term bullish bias has returned to the GBP/USD pair after it successfully worked off overbought conditions, allowing price action to stabilize and recover.
Technical Outlook – 4-Hour Chart
Simple moving averages have shifted back into a supportive role, providing positive momentum and reinforcing the potential for further upside during the session. This technical improvement is complemented by the Relative Strength Index (RSI), which is attempting to regain upward momentum, alongside the emergence of a bullish chart pattern.
As long as daily trading remains above the 1.3400 support level, the bullish scenario remains the preferred outlook for today, with 1.3485 as the first upside target, followed by 1.3530.
On the downside, a confirmed break below the 1.3400 support could place the pair under renewed selling pressure, opening the way for a move toward 1.3365.
Market Note:
Markets are awaiting statements from U.S. President Donald Trump today, which may trigger heightened volatility.
Caution:
Risk levels remain elevated amid ongoing trade and geopolitical tensions, and all scenarios remain possible.
Trading CFDs involves risks, and therefore all scenarios may be plausible. The information provided above is not a recommendation to sell or buy but rather an explanatory reading of price movement on the chart.
| S1: 1.3400 | R1: 1.3485 |
| S2: 1.3365 | R2: 1.3530 |
| S3: 1.3320 | R3: 1.3565 |
