Over the past 24 to 48 hours, the GBP/USD pair fluctuated between 1.3345 and 1.3366, closing near 1.3365, showing a slight increase from the previous close. This movement mainly reflected the cooling US labor market data that weakened the US Dollar, thereby providing support to the British Pound.

According to the latest market news, the slowdown in US employment figures exerted pressure on the dollar, allowing the pound to strengthen close to the 1.3350 level. Though Fed Chair Kevin Warsh’s hawkish remarks briefly boosted the dollar, the overall weaker dollar trend helped the pound maintain a relatively firm stance. Additionally, UK fiscal policy outlook and market sentiment also supported the sterling’s stability. For the average investor, this means that the pound has shown considerable resilience and medium to short-term upside potential amid global economic and political uncertainties, making it important to keep a close watch on the evolving market news to seize trading opportunities.

Daily Chart

The daily chart displays GBPUSD recovering from a prior downtrend, currently trading between 1.33 and 1.34. The 50-day moving average at 1.3389 and 200-day moving average at 1.3411 act as resistance levels that have capped the rebound so far. Bollinger Bands are narrowing, indicating heightened consolidation. The MACD is approaching a bullish crossover, hinting at potential momentum buildup, though a confirmed breakout above those moving averages is needed to confirm a strong uptrend. Overall, the trend remains a cautious rebound.

1H Chart

The hourly chart over the past 3-5 days shows GBPUSD oscillating between 1.3320 and 1.3380. Price faces resistance near the 20-period Bollinger middle band, while short-term moving averages align bullishly and the 50-period MA forms support. MACD histogram contraction suggests fading momentum. A small flag pattern is forming, a typical continuation pattern indicating a potential breakout. Key short-term resistance lies around 1.3380, which, if breached, could trigger accelerated short-term buying interest.

Technical Trend:  Currently, GBPUSD demonstrates a cautious rebound trend with an oscillating bullish bias.

Technically, the daily MACD nearing a bullish crossover implies increasing upward momentum, yet confirmation is pending. The 3-5 day hourly flag pattern suggests a possible continuation of the recent rebound or a short-term pause before directional clarity. Key resistance areas align with the 50-day and 200-day moving averages at roughly 1.3389 and 1.3411. A successful break above these could open the path towards 1.3450. Failure to breach may prompt retesting support levels at 1.3320 and 1.3300.

Today’s GMT+1 economic calendar highlights relevant events for GBPUSD, including the UK finalized Services PMI at 16:30 and Bank of England Governor Bailey’s speech at 17:00. The Services PMI forecast slightly below last month could weigh on GBP near-term. Bailey’s remarks will be closely scrutinized for any hawkish tone that might support the Pound or, conversely, dampen gains. Traders should watch these key UK events as probable catalysts for GBPUSD volatility and directional bias.

Resistance & Support

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