GBP/USD, Technical Analysis – H1

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.