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The GBP/USD pair attempted to move higher at the start of the week, reaching a peak near 1.3428 before facing resistance.
Technical Outlook – 4-Hour Timeframe:
The pair was rejected from this level, triggering a short-term bearish correction. The Relative Strength Index (RSI) has started to generate negative signals on lower timeframes, indicating weakening upward momentum.
If daily trading remains below the psychological level of 1.3400, downside pressure may prevail in the coming hours, with an initial target at 1.3335. A break below this level could extend losses toward 1.3300.
On the other hand, a successful hold above 1.3405 could revive bullish momentum, opening the way for a move toward 1.3455.
Note: Today, markets are awaiting high-impact U.S. economic data, including non-farm payrolls, average earnings, unemployment figures, and the preliminary services and manufacturing PMI readings. Elevated volatility is expected around the release times.
Warning: Risk levels remain high 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: 1.3335 | R1: 1.3405 |
| S2: 1.3300 | R2: 1.3455 |
| S3: 1.3275 | R3: 1.3480 |
