GBP/USD, Technical Analysis – H1
The pair is largely mirroring EUR/USD's trajectory, although a denser resistance cluster is located in the 1.3420–1.3430 zone.
The pair is largely mirroring EUR/USD's trajectory, although a denser resistance cluster is located in the 1.3420–1.3430 zone. A successful breakout above this area would open the door for an extension toward 1.3485. Failure to overcome resistance, however, would likely leave the market trapped in a range heading into the weekend.
Key Levels:
▫️ Resistance: 1.3420–1.3430
▫️ Target: 1.3485
▫️ Support: Current consolidation range
Primary Scenario: Breakout and advance toward 1.3485.
Alternative Scenario: A difficult confrontation with the 1.3420–1.3430 resistance zone, resulting in continued range-bound trading.
Analyst Commentary: Many traders prefer to reduce their activity on Fridays. In the current environment, that may prove to be a sensible approach.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.