- GBP / USD bulls are waiting for a breakthrough to test the 1.33 zone.
- Bears must compromise at this juncture or face continued pressure for the sessions to come.
GBP / USD shows no signs of an imminent breakout of the daily ranges. The chart below illustrates the market structures from a weekly dip to a 4-hour outlook.
GBP / USD Daily Chart
As illustrated, the price is not giving any signals from a daily perspective, stuck in a consolidation range.
GBP / USD Weekly chart
The weekly chart shows that there is a firm area of ​​support at this juncture. Therefore, the price will have a difficult time breaking down before enough supply has been allocated in the market.
GBP / USD 4-hour chart
The 4-hour chart shows that the price is trying to mitigate the imbalance with today’s high to test resistance. If there is a breakout of the resistance, there is room to advance to the 1.33 zone.
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