GBP/USD Technical Analysis

Technically, it makes sense to start with the key support level at $1.3382 that has continued to hold even after hours of the price sitting heavily on it yesterday. This is a bullish sign. Yesterday’s NVIDIA earnings data sent the price sharply higher within an hour or two, sending the price to a new weekly high at $1.3462, before the price gently but progressively sold lower from there. That level has acted as key support recently, so it looks likely to be significant – it comes from the daily chart.

Another bullish factor is the new higher support level which I have drawn at $1.3417, but this