Technical Analysis of GBP/USD
GBP/USD is moving in a bullish direction on the four-hour and one-hour timeframes. With the market opening, price formed a VIM zone, which represents a buying area that supports further upside movement toward the next liquidity zone. Currently, price is trading around the 1.3670 level after bouncing upward from it, and further price appreciation is expected during today’s session.
This bullish move is supported by price holding above recent demand zones, along with positive momentum on lower timeframes. Market structure remains bullish as long as invalidation levels are not breached.
Major Economic News:
The US dollar is awaiting the release of core durable goods orders data on a monthly basis. This data is expected to have a medium-impact effect on the US dollar.
Liquidity Levels:
Prices are expected to rise targeting the 1.3730 level, followed by the 1.3752 level.
Scenario Invalidation:
The bullish scenario will be invalidated if price visits the 1.3645 level.
