Happy Friday, traders! Today, we have the latest forecast for GBPUSD. Let’s delve into it without wasting time.
Today’s GBPUSD Forecast – Ascending Channel Points to Bullish Continuation
💷 Today’s GBPUSD forecast shows the British Pound maintaining strong bullish momentum as the pair continues to navigate within a well-defined ascending channel. The current technical setup is attracting attention from traders, with GBP/USD now approaching a crucial resistance level near 1.3580. This level has proven significant in the past, acting as both support and resistance, and now stands as the key barrier that could determine the next directional move.
On the 1-hour chart, price action has respected the channel boundaries for several sessions, with higher highs and higher lows signaling persistent buying interest. The recent bounce from the lower trendline aligns perfectly with the 50-period moving average, reinforcing the channel’s validity. If the bullish structure remains intact, a breakout above 1.3580 could open the door to further gains toward the 1.3670 target area.
Today’s GBPUSD Forecast Technical Outlook
- Ascending Channel: GBPUSD remains firmly within the bullish channel, showing consistent upward momentum. Each pullback has found support at the channel’s lower boundary, indicating strong buying pressure.
- Key Resistance – 1.3580: This is the immediate hurdle for bulls. A decisive break above this zone could trigger a sharp upside continuation.
- MACD Signal: The MACD histogram has crossed above the zero line, a positive signal that suggests momentum is shifting further in favor of buyers.
- Price Target: The next resistance is seen around 1.3670, which coincides with the upper boundary of the extended projection of the channel.
Today’s GBPUSD Forecast Trading Strategy & Trade Idea
#TradeIdea
🔼 Buy GBPUSD on a confirmed break above 1.3580.
🎯 Target: 1.3670.
📉 Stop-Loss: A reasonable stop could be placed just below the recent swing low or the lower trendline of the channel to manage risk effectively.
The breakout trade setup is supported by both price structure and indicator confirmation. However, traders should remain cautious around the breakout zone, as false breakouts can occur, especially during low-volume sessions or ahead of major economic announcements.
Today’s GBPUSD Forecast – Fundamental Perspective
From a macroeconomic point of view, GBPUSD has been influenced recently by shifting expectations regarding the Bank of England’s monetary policy stance and US dollar movements driven by Federal Reserve signals. Strong UK economic data or hawkish commentary from the BoE could further strengthen GBP, while any signs of economic slowdown in the US may put additional pressure on the USD.
Additionally, traders will be closely watching upcoming UK inflation figures, US retail sales data, and speeches from central bank officials, as these events could inject volatility into GBP/USD price action.
Risk Management & Market Sentiment
While the overall sentiment appears bullish, it’s important to note that ascending channels can eventually break to the downside if buying momentum fades. A failure to break above 1.3580 could lead to a retracement toward 1.3500 or even back to the channel’s lower support zone near 1.3460.
Using proper position sizing and stop-loss levels is essential to navigate potential market swings. Many traders prefer waiting for a clear breakout candle above resistance with a strong close before entering long positions.
Conclusion
In summary, today’s GBPUSD forecast remains bullish within the ascending channel structure. The technical picture supports the potential for further gains if the pair breaks above 1.3580, targeting 1.3670 in the short term. With MACD momentum turning positive and price action aligned with the upward channel, the bias favors buyers — provided the breakout is confirmed.
As always, traders should monitor upcoming economic data and global market sentiment to adjust positions accordingly. Share your views in the comments — do you think GBP/USD will break above 1.3580 today?
For more trading signals, information, and educational posts, visit our Facebook page and stay tuned with us on the Guriforex website.
