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The British pound (GBP/USD) recorded strong gains against the US dollar, reaching the previously anticipated target of 1.3720 and hitting a high of 1.3725.
Technically, the 4-hour chart shows a breakout above the 1.3630 resistance level, which has now turned into support in line with the role reversal principle. Simple moving averages continue to lend support to the bullish bias, bolstered by ongoing attempts to build positive momentum.
There is active potential for further gains today, with the pair targeting the next resistance at 1.3755. A confirmed break above this level could act as a catalyst, allowing the pair to extend its rise toward 1.3810, with further potential reaching 1.3850.
However, should the pair fall back below 1.3620, the bullish scenario would be postponed. In that case, the pair could face renewed downward pressure, with a possible retest of 1.3540.
Warning: Key US economic data releases today—specifically, the final quarterly GDP and weekly jobless claims—may cause significant price volatility.
Warning: Risk remains elevated amid ongoing trade and geopolitical tensions, and all scenarios should be considered possible.
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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