GBP/USD Price Forecast: Eyes 50-day EMA barrier near 1.3500 despite ongoing bearish bias

💡 DMK Insight

GBP/USD is on a three-day winning streak, and here’s why that matters: The pair’s rise to around 1.3480 signals a potential shift in market sentiment, possibly driven by recent economic data or geopolitical factors. Traders should consider the implications of this upward momentum, especially if it breaks through key resistance levels. If GBP/USD can hold above 1.3500, it might attract more bullish positions, while a failure to maintain this level could trigger profit-taking or a reversal. Watch for upcoming economic reports from the UK that could further influence the pound’s strength, as well as any developments in U.S. monetary policy that might affect the dollar. However, it’s worth noting that the recent gains could be overextended, leading to a pullback. If you’re in a long position, keep an eye on the 1.3400 support level as a potential stop-loss point. The market’s reaction to upcoming data releases will be crucial, so stay alert for volatility in both GBP and USD pairs.