GBPUSD is showing a notable recovery after sweeping to the 1.3300 support zone and then bouncing back strongly. On the H4 chart, the price is no longer falling sharply as before, but is starting to form a more forceful rebound, indicating that sellers are pausing after a period of strong price pressure.
Regarding news, the GBP is being supported by expectations that the Bank of England may maintain a more hawkish stance as UK inflation remains a major risk. BoE member Megan Greene also warned against viewing the inflation shock from the Iran war as temporary, leading to increased market expectations for UK interest rates. Meanwhile, the USD is less benefiting from safe-haven demand as tensions with Iran ease and US yields soften.
On the chart, the 1.3300 zone is a crucial support level. As long as the price holds this area, the bullish scenario remains plausible. In the short term, GBPUSD needs to break above the EMA and Ichimoku cloud around 1.3450–1.3500. If 1.3500 is broken, buying pressure could extend to higher levels, heading towards the 1.3600–1.3650 resistance area.
In short, GBPUSD hasn't yet completed a "clean" rally, but the current structure leans towards a technical rebound after clearing the bottom. The best-case scenario is for the price to hold above 1.3300, consolidate briefly, and then break out above 1.3500 to confirm the return of buyers.
Regarding news, the GBP is being supported by expectations that the Bank of England may maintain a more hawkish stance as UK inflation remains a major risk. BoE member Megan Greene also warned against viewing the inflation shock from the Iran war as temporary, leading to increased market expectations for UK interest rates. Meanwhile, the USD is less benefiting from safe-haven demand as tensions with Iran ease and US yields soften.
On the chart, the 1.3300 zone is a crucial support level. As long as the price holds this area, the bullish scenario remains plausible. In the short term, GBPUSD needs to break above the EMA and Ichimoku cloud around 1.3450–1.3500. If 1.3500 is broken, buying pressure could extend to higher levels, heading towards the 1.3600–1.3650 resistance area.
In short, GBPUSD hasn't yet completed a "clean" rally, but the current structure leans towards a technical rebound after clearing the bottom. The best-case scenario is for the price to hold above 1.3300, consolidate briefly, and then break out above 1.3500 to confirm the return of buyers.
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Free trading plans to follow
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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.