📊 GBP/USD Daily Technical Outlook – April 11, 2025
Overview
The GBP/USD pair saw a notable rally on Friday, opening at 1.2970, reaching a high of 1.3046, and a low of 1.2967, before closing at 1.3007. This upward movement reflects the continuation of the bullish trend from earlier in the week, supported by positive economic data from the UK and a weakening U.S. dollar. The pair is currently moving in a strong bullish phase, with the market eyeing higher resistance levels.
📈 Current Market Structure
After a period of consolidation, the pair broke above key resistance levels, signaling strong buying momentum. This move follows positive GDP data from the UK, which showed a 0.5% growth in February 2025, the highest growth in 11 months.
🔹 Key Resistance Levels:
1.3046: The highest point of April 11, 2025. This is immediate resistance, and a break above it could lead to further upside.
1.3100: Psychological resistance level. A break above this could extend the rally further.
1.3200: A major resistance area, which could be a target for buyers if the bullish trend continues.
🔸 Key Support Levels:
1.2967: The low for the day, which acts as immediate support. A stay above this level reinforces the bullish outlook.
1.2900: A significant support level. A break below this could signal a short-term pullback.
1.2820: Strong support, marking the bottom of the previous price range.
📐 Price Action Patterns:
The strong bullish candles in recent days indicate dominance by buyers. The breakout above previous resistance levels and the formation of higher highs support the continuation of the uptrend. However, traders should keep an eye on potential reversal patterns as the price approaches resistance.
🧭 Potential Scenarios:
✅ Bullish Scenario:
If GBP/USD holds above 1.3046, the next targets could be 1.3100 and potentially 1.3200, driven by strong momentum from positive UK data and a weakening dollar.
❌ Bearish Scenario:
If GBP/USD fails to sustain above 1.2967, a pullback to 1.2900 could occur. A break below this level could lead to further declines towards 1.2820.
📌 Conclusion:
GBP/USD is showing strong bullish momentum, supported by positive economic data from the UK and a weakening U.S. dollar. A sustained break above resistance levels could open the door for further gains. Traders should watch for potential pullbacks at key support levels and monitor economic developments closely.
Note: This analysis is based on data available up to April 11, 2025. Always monitor the latest developments and apply appropriate risk management when trading.
Overview
The GBP/USD pair saw a notable rally on Friday, opening at 1.2970, reaching a high of 1.3046, and a low of 1.2967, before closing at 1.3007. This upward movement reflects the continuation of the bullish trend from earlier in the week, supported by positive economic data from the UK and a weakening U.S. dollar. The pair is currently moving in a strong bullish phase, with the market eyeing higher resistance levels.
📈 Current Market Structure
After a period of consolidation, the pair broke above key resistance levels, signaling strong buying momentum. This move follows positive GDP data from the UK, which showed a 0.5% growth in February 2025, the highest growth in 11 months.
🔹 Key Resistance Levels:
1.3046: The highest point of April 11, 2025. This is immediate resistance, and a break above it could lead to further upside.
1.3100: Psychological resistance level. A break above this could extend the rally further.
1.3200: A major resistance area, which could be a target for buyers if the bullish trend continues.
🔸 Key Support Levels:
1.2967: The low for the day, which acts as immediate support. A stay above this level reinforces the bullish outlook.
1.2900: A significant support level. A break below this could signal a short-term pullback.
1.2820: Strong support, marking the bottom of the previous price range.
📐 Price Action Patterns:
The strong bullish candles in recent days indicate dominance by buyers. The breakout above previous resistance levels and the formation of higher highs support the continuation of the uptrend. However, traders should keep an eye on potential reversal patterns as the price approaches resistance.
🧭 Potential Scenarios:
✅ Bullish Scenario:
If GBP/USD holds above 1.3046, the next targets could be 1.3100 and potentially 1.3200, driven by strong momentum from positive UK data and a weakening dollar.
❌ Bearish Scenario:
If GBP/USD fails to sustain above 1.2967, a pullback to 1.2900 could occur. A break below this level could lead to further declines towards 1.2820.
📌 Conclusion:
GBP/USD is showing strong bullish momentum, supported by positive economic data from the UK and a weakening U.S. dollar. A sustained break above resistance levels could open the door for further gains. Traders should watch for potential pullbacks at key support levels and monitor economic developments closely.
Note: This analysis is based on data available up to April 11, 2025. Always monitor the latest developments and apply appropriate risk management when trading.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.