Technical Analysis of GBP/USD

The GBP/USD pair is moving in a bearish trend on the four-hour timeframe, after which prices started moving sideways. Currently, prices are trading around the 1.3263 level. Due to the weakness of the US Dollar, a bullish corrective movement is expected during the day on the four-hour timeframe. The 1.3263 level represents a strong support level for a potential upward rebound.

The sideways price movement after the previous downtrend may indicate the beginning of a corrective bullish move.
The weakness in the US Dollar Index may also support this scenario during today’s trading.

Key Economic News

There are no major economic news releases today, therefore price movement is expected to be relatively calm.

Prices are expected to rise targeting the 1.3315 level, followed by the 1.3338 level.

Invalidation Scenario

The bullish corrective scenario will be invalidated if a one-hour candle closes below the 1.3230 level.