GBP Technical Analysis – Daily Timeframe
In the daily timeframe, the pound is oscillating within an ascending channel and has shown positive reactions at the midline of the channel, as indicated. The higher highs and higher lows reflect a strong upward trend in this pair. If the pound continues its upward movement, the upper boundary of the daily channel can be considered a long-term target.
GBP Technical Analysis – 4-Hour Timeframe
In the 4-hour timeframe, the pound, after a strong upward movement last week, has reached the resistance level at the upper boundary of the ascending channel and has undergone a correction. The $1.31 demand zone is considered the first support area, and if this zone is broken, a correction of the pound down to the lower boundary of the channel is not unlikely.
GBP Technical Analysis – 1-Hour Timeframe
In the 1-hour timeframe, the upward trendline has been broken, and the pound has experienced a notable decline upon encountering the $1.32 supply zone.
The demand zone currently in front of the price is at the $1.31 level, and if this level is broken, further declines in the pound can be anticipated. However, if the pound is unable to break this support level downward, a price rebound toward the $1.32 supply zone can be expected.