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GBPUSD Technical Analysis: Focus on key UK and US data this week for the next direction
Key Takeaways (30s Read)
GBPUSD continues its bullish trend bouncing from a key trendline, with focus on UK and US data this week.
GBPUSD maintains its bullish trend bouncing from a major trendline, with the upcoming BoE rate cut of 25 bps expected. The market is currently pricing in a 91% chance for this cut amidst a backdrop of weak UK GDP and labor market reports. On the technical charts, the daily chart reveals a bullish trend supported by a defined trendline, while the 4-hour chart shows this trendline acting as a reliable support for buyers with a natural target around 1.3470. If the price breaks above the key swing level at 1.34 seen on the hourly chart, it might push higher. The upcoming UK employment report, US NFP, and the BoE rate decision will be crucial catalysts for determining the future movements of GBPUSD.
AI Analyst
AI Opinion
"GBPUSD is continuing its bullish trend as it bounces from a major trendline. The upcoming economic data and rate decisions will significantly impact this currency pair. Expected rate cuts by the BoE, given the weak UK economic indicators, could lead to downward pressure on GBP, while strong US economic data might support a rebound for USD. From a technical standpoint, traders should monitor the long-term trends while being responsive to short-term fluctuations. It is critical to ensure proper risk management as sentiment in the market may shift quickly."
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