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26.08.2026 05:34 AM
The GBP/USD pair showed no interesting movements on Tuesday, with volatility even lower than in previous days. There were no significant events throughout the day in either the U.S. or the UK. News emerged that Donald Trump might lift the economic blockade on Iran if Iran removes the blockade of the Strait of Hormuz. However, the validity of this information remains unknown. At least the currency market did not react to it, while oil prices slightly declined. Thus, there is a small chance the market will awaken today, as reports on GDP and durable goods orders will be released in the U.S., along with the core Personal Consumption Expenditures (PCE) price index. However, the main movements are expected on Friday when Kevin Warsh speaks and the annual NonFarm Payrolls report is published.
On the 5-minute timeframe, one or two trading signals were formally formed on Tuesday. Still, throughout the day, the movements were so scattered and disconnected from the technical levels that we wouldn't have entered the market on such signals. The price once again ignored the 1.3631-1.3641 area, and there was virtually no movement in the market.
On the hourly timeframe, the GBP/USD pair continues to maintain an upward trend. In our view, the British pound should continue to rise, even if local factors do not provide support. The weekly timeframe indicates continued movement from the lower boundary of the sideways channel to the upper boundary, and this movement is not yet complete. The market's faith in a Federal Reserve rate hike in September is visibly waning, as all recent macroeconomic data and events have exerted pressure on the dollar. Only a settlement below the upward channel on the hourly timeframe would allow for expectations of a decline in the pair.
On Wednesday, novice traders may consider opening short positions if the price settles below the 1.3631-1.3641 area, targeting 1.3587-1.3598. Long positions can be initiated on a bounce from the 1.3631-1.3641 area, targeting 1.3695.
On the 5-minute timeframe, traders can consider trading at levels 1.3259-1.3267, 1.3319-1.3331, 1.3380-1.3386, 1.3456-1.3476, 1.3587-1.3598, 1.3631-1.3641, 1.3695, and 1.3741. On Wednesday, there are no significant events or publications scheduled in the UK, while the U.S. will release reports on GDP, durable goods orders, and the core PCE price index.
Support and resistance price levels (areas) are the targets when opening buy or sell orders or sources of signals.
Red lines denote channels or trend lines that reflect the current trend and indicate in which direction trading is currently favored.
The MACD indicator (14,22,3) – histogram and signal line – is a supporting indicator that can also be used as a source of signals.
Important speeches and reports (as listed in the news calendar) can significantly influence the movement of the currency pair. Therefore, during their release, trading should be approached with utmost caution, or one should exit the market to avoid sharp price reversals against the preceding movement.
Beginners in Forex trading should remember that not every trade can be profitable. Developing a clear strategy and proper money management are essential for long-term trading success.
