Following a sharp pullback from the 1.3550 area, GBPUSD found buying interest around 1.3420—a level where the EMA34, EMA89, and an H4 demand zone converge. Price is currently consolidating just above this support, indicating that buyers are absorbing selling pressure rather than allowing the bullish structure to break.
If the 1.3420 level holds, GBPUSD could rebound toward the 1.3550 area, where the nearest supply zone is located. Underlying positive momentum for the GBP also supports this scenario.
Strategy: Prioritize BUY positions around 1.3420, targeting 1.3550. The bullish scenario is invalidated if the price closes below 1.3420 on the H4 timeframe.
If the 1.3420 level holds, GBPUSD could rebound toward the 1.3550 area, where the nearest supply zone is located. Underlying positive momentum for the GBP also supports this scenario.
Strategy: Prioritize BUY positions around 1.3420, targeting 1.3550. The bullish scenario is invalidated if the price closes below 1.3420 on the H4 timeframe.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.