FX.co ★ Technical Analysis of GBP/USD for February 2, 2024

GBP/USD Bulls Eye Breakout Amidst Market Optimism

Market Outlook: GBP/USD Gears Up for Potential Breakout

The GBP/USD pair has rebounded from a low of 1.2624 following the Bank of England's interest rate decision, currently flirting with a high at 1.2757. Resistance levels are marked at 1.2757 and 1.2773, while key support lies between 1.2615 and 1.2595. A sustained move below this support zone could signal a shift to a bearish stance. Presently, strong, positive momentum on the H4 time frame bolsters a short-term bullish perspective for the GBP.

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