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The GBP/USD pair is trading higher in line with the bullish outlook highlighted in the previous technical report. It recorded a session high of 1.3535, coming close to the initial target of 1.3550.
Technical Outlook – 4-Hour Timeframe:
Intraday movement shows a mild bearish bias, largely due to profit-taking after recent gains. However, the pair remains firmly above the 1.3500 support zone, while the 50-period Simple Moving Average (SMA) continues to act as dynamic support, helping to maintain the underlying bullish momentum.
Likely Scenario – Bullish Continuation (After Retest):
In the coming hours, the pair may attempt to retest support between 1.3500 and 1.3480. If this zone holds, it could provide a base for renewed bullish momentum, targeting:
- A return to 1.3535, and
- A continuation toward 1.3600 as the next upside target
Alternative Scenario – Deeper Pullback:
If bearish pressure intensifies and the pair breaks below 1.3480, this could lead to a deeper correction, with a possible retest of the 1.3440 support level.
Caution:
Risk remains elevated amid ongoing geopolitical and trade-related tensions. All market outcomes are possible, and disciplined risk management is essential.
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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