GBP/USD, Technical Analysis – H1
The pair delivered a strong upward impulse, followed by a fairly intensive local correction.
The pair delivered a strong upward impulse, followed by a fairly intensive local correction. Since there is no confirmed signal of an uptrend reversal and a potential “Bull Flag” continuation pattern may be forming, the only question is the depth of the correction. It may reach either the 1.3440–1.3450 zone or the 1.3480–1.3490 area.
Key Levels:
□ 1.3440–1.3450 (deeper support)
□ 1.3480–1.3490 (shallow support)
□ 1.3600 (next upside target)
Primary Scenario:
Continuation of the uptrend from the 1.3480–1.3490 zone toward 1.3600.
Alternative Scenario:
Deeper corrective decline to the 1.3440–1.3450 area, followed by a bullish reversal.
Analyst Commentary:
Buyers should wait for additional confirmation signals before entering new long positions.
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.