Over the past 24 to 48 hours, GBP/USD showed an upward trend amid volatility, rising slightly from yesterday’s closing price of 1.32417 and closing near 1.3235 with a weekly gain exceeding 1%. This move was primarily driven by market confidence restored after UK Finance Minister Rachel Reeves delivered the autumn budget earlier this week, which clarified fiscal policy and reduced uncertainty, supporting the pound. Additionally, expectations of a further Federal Reserve rate cut in December have pressured the US dollar, providing further upside potential for GBP/USD. These combined factors contributed to the pound’s steady recovery this week despite some turbulence, with clear bullish fundamental momentum. For the average investor, this means the pound has been buoyed by the UK government’s budget stability measures and shifting Fed policy expectations, keeping the rate near recent highs and supporting an overall positive trading sentiment, while short-term price fluctuations still warrant caution.

Daily Chart

The daily chart shows an uptrend with GBPUSD breaking above the 50-day moving average (around 1.32439), though still below the 200-day moving average (around 1.34033), indicating medium-term resistance. The Bollinger Bands are widening, signaling increased volatility. The MACD stays above zero, confirming strong bullish momentum. Price has been oscillating steadily between 1.32 and 1.33, maintaining a steady upward trajectory.

1H Chart

On the hourly and 4-hour charts over the past 3-5 days, GBPUSD experienced a short-term pullback before rebounding and forming higher lows. Short-term moving averages align bullishly, with prices rebounding from lower Bollinger Band support, indicating firm demand. The MACD shows a bullish crossover, strengthening short-term buying power. Notably, a bullish engulfing candlestick pattern suggests continued gains in the next 24 hours.

Technical Trend: Maintaining a cautiously bullish trend
Current technical signals on GBPUSD confirm bull dominance, particularly the MACD bullish crossover and the price rising above the 50-day moving average. The recent bullish engulfing candlestick combined with strong support near 1.32 indicates robust short-term buying interest, suggesting further upward momentum is likely. Traders should watch for a breakout above the 1.33 resistance to confirm the next leg higher.Today’s economic data in GMT+1 mainly comprises China’s Manufacturing and Services PMI, recorded at 49.2 and 49.5 respectively, both below expectations and signaling softness. Since these releases occur around 09:30 HKT and have limited direct correlation to GBPUSD, no significant immediate impact on GBPUSD prices is expected. Overall, there are no major economic events today directly influencing GBPUSD.
Resistance & Support

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