GBP/USD is trading around the 1.3450–1.3470 region after holding above key support. The market is focused on the UK Employment Report (Average Earnings, Unemployment Rate, Claimant Count), which could determine the pair’s next intraday move. At the same time, traders continue to monitor geopolitical tensions and expectations that the Federal Reserve is likely to leave rates unchanged later this month.
Technical Outlook
Trend: Bullish (Intraday)
- Immediate Resistance 1: 1.3485
- Resistance 2: 1.3510
- Resistance 3: 1.3540
- Immediate Support 1: 1.3440
- Support 2: 1.3415
- Support 3: 1.3385
The pair remains above its short-term moving averages, with buyers defending the 1.3440 area. A sustained break above 1.3485 could extend the rally toward 1.3510–1.3540, while a drop below 1.3440 would increase the likelihood of a correction toward 1.3415.
Trading Plan
Buy Setup ✅
- Entry: 1.3450–1.3460
- Take Profit 1: 1.3485
- Take Profit 2: 1.3510
- Take Profit 3: 1.3540
- Stop Loss: 1.3425
Sell Setup ✅
(Only if price closes below 1.3440 on lower timeframes)
- Entry: Below 1.3440
- Take Profit 1: 1.3415
- Take Profit 2: 1.3385
- Stop Loss: 1.3468
Key Events to Watch
- 🇬🇧 UK Average Earnings
- 🇬🇧 UK Unemployment Rate
- 🇬🇧 Claimant Count Change
Stronger-than-expected UK labor data would likely support the pound, while weaker figures could trigger a move toward the lower support levels.
Risk Management
- Risk no more than 1–2% of your account on a single trade.
- Wait for confirmation after major news releases before entering.
- Avoid chasing breakouts during the first few minutes following economic data.
Trading Summary
| Direction | Entry | Stop Loss | Target 1 | Target 2 | Target 3 |
|---|---|---|---|---|---|
| BUY | 1.3450–1.3460 | 1.3425 | 1.3485 | 1.3510 | 1.3540 |
| SELL | Below 1.3440 | 1.3468 | 1.3415 | 1.3385 | — |
Overall Outlook: GBP/USD retains a moderately bullish intraday bias while trading above 1.3440. The UK employment release is the primary catalyst for today’s session and is likely to determine whether the pair breaks toward 1.3510+ or retreats toward 1.3415.
