FX.co ★ NexusTrader | GBP/USD

GBPUSD Intraday Analysis: Let's delve into the recent behavior of the GBP/USD currency pairs price and analyze the trends that are likely to be influenced by it. Although politics can impact the Feds rate decisions, it currently has minimal effect. The GBP/USD currency pair currently exhibits a "Rising Wedge" pattern, expected to lead to a downward breakout. The buying zone for the currency pair is between EMA-200 at 1.35575 and EMA 50 at 1.35355. If the currency pair falls below 1.35345, it will likely experience a stronger downward movement, with a target of 1.34355. While a rise to 1.36305 is possible, the Bank of England rate announcement on Thursday and the UK GDP release on Friday will likely impact the markets direction significantly. More news updates across significant markets must be likely, which could lead to flat movements.

However, it is anticipated that the market may exhibit an "Ascending Wedge" pattern, with pivotal activity expected during the Bank of England rate announcement and UK GDP release. The GBP/USD currency pair is declining below 1.35815, indicating an exit from the selling zone. However, the sales zone ranges from EMA 200 at 1.35575 to EMA-50 at 1.35315. If the currency pair drops below 1.35315, it will likely experience further selling. With no significant news expected until Thursday, caution is possible, especially as investors wait around 1.35355 for potential downward movement. While the signals for a bearish direction-based trend are present, waiting for more precise market entry signals is prudent. I recommend following price action as it can demonstrate the approach and strength of the movement.