GBPUSD is looking extremely bullish on the daily timeframe, showing strong signs of continuation after a healthy pullback. Currently trading around 1.33000, the pair has respected key Fibonacci levels and is now building momentum to target 1.37000. The structure remains intact with higher highs and higher lows, indicating strong buyer control and potential for further upside movement.
From a fundamental perspective, the British pound continues to outperform as the Bank of England maintains a relatively hawkish tone amid sticky inflation pressures, while the US dollar shows signs of weakening with softer economic data and growing expectations of Fed rate cuts later this year. This divergence between the monetary policies is creating a favorable environment for GBPUSD buyers to dominate.
Technical analysis also supports the bullish bias as price action remains well above the 0.786 Fibonacci retracement level, holding strong support near 1.31650. If price maintains above this zone and breaks past minor resistance near 1.33500, it could ignite a fresh bullish rally toward the psychological level of 1.37000, offering excellent risk-reward opportunities for trend-following traders.
Overall, GBPUSD is positioned perfectly for a strong bullish wave. Traders should stay focused on potential breakout confirmations and capitalize on the momentum, as current market conditions and fundamentals are aligned with a profitable bullish move. This setup remains one of the most attractive trending opportunities on the board right now.
From a fundamental perspective, the British pound continues to outperform as the Bank of England maintains a relatively hawkish tone amid sticky inflation pressures, while the US dollar shows signs of weakening with softer economic data and growing expectations of Fed rate cuts later this year. This divergence between the monetary policies is creating a favorable environment for GBPUSD buyers to dominate.
Technical analysis also supports the bullish bias as price action remains well above the 0.786 Fibonacci retracement level, holding strong support near 1.31650. If price maintains above this zone and breaks past minor resistance near 1.33500, it could ignite a fresh bullish rally toward the psychological level of 1.37000, offering excellent risk-reward opportunities for trend-following traders.
Overall, GBPUSD is positioned perfectly for a strong bullish wave. Traders should stay focused on potential breakout confirmations and capitalize on the momentum, as current market conditions and fundamentals are aligned with a profitable bullish move. This setup remains one of the most attractive trending opportunities on the board right now.
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Join our Forex Community Telegram group and connect with thousands of traders.
Hit the Link below
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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.