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The British pound recovered from its recent bearish bias after exiting oversold territory, regaining upward momentum in the process.
From a technical standpoint, the 4-hour chart shows continued support from the simple moving averages, which are helping to reinforce the bullish bias. This is further complemented by renewed positive signals from the Relative Strength Index (RSI), suggesting that upward momentum may persist.
As long as intraday trading remains stable above 1.3200, the bullish outlook remains valid. The next key target is the psychological barrier at 1.3300. A confirmed break above this level would likely strengthen the uptrend and open the path toward the next resistance at 1.3330.
However, a sustained move back below 1.3200 could interrupt the current bullish momentum, triggering a potential corrective decline toward 1.3130 before another attempt to rally.
Key Event Risk Today:
Markets are bracing for significant volatility with several high-impact economic events on the calendar:
- United States: Retail Sales data and a speech from a Federal Reserve Governor
- Canada: Bank of Canada interest rate decision, monetary policy report, and a press conference by the BoC Governor
These releases may have a substantial impact on currency markets.
Risk Disclaimer: With global trade tensions and central bank policy shifts in focus, risk levels remain high. Traders should approach the market with caution and prepare for a range of outcomes.
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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