GBP/USD is approaching a critical demand area where buyers have previously stepped in and defended the market. This zone also sits around the key psychological level of 1.32000, making it a region that could attract significant attention from traders.
After the recent recovery, price action suggests that selling pressure is starting to weaken, creating the possibility of another bullish reaction from this area. However, buyers still need to prove their strength. A clear rejection from support, a strong bullish candle, or a shift in short-term momentum would provide stronger confirmation that the upside move is ready to continue.
If buyers successfully regain control, the next potential destination could be around the 1.33350 resistance area.
On the other hand, if GBP/USD fails to hold above 1.32000 and breaks decisively below this support, the current bullish structure would be compromised, increasing the probability of a deeper correction.
This is not financial advice!
After the recent recovery, price action suggests that selling pressure is starting to weaken, creating the possibility of another bullish reaction from this area. However, buyers still need to prove their strength. A clear rejection from support, a strong bullish candle, or a shift in short-term momentum would provide stronger confirmation that the upside move is ready to continue.
If buyers successfully regain control, the next potential destination could be around the 1.33350 resistance area.
On the other hand, if GBP/USD fails to hold above 1.32000 and breaks decisively below this support, the current bullish structure would be compromised, increasing the probability of a deeper correction.
This is not financial advice!
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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.
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.