The pair traded within a broad bullish structure and starts the new month after a powerful upside breakout that carried GBP/USD into the upper edge of the recent H1 range. The rally from the 1.3460 area was sharp and directional, and the pair is now consolidating just below fresh highs rather than fully reversing lower. That usually points to constructive price action, though it also means the market is vulnerable to temporary pullbacks after such an extended impulse.
For the full trading day, the key balance point is 1.35820. Holding above that level keeps the breakout structure intact and favors another upside extension once the current pause is absorbed. If the pair slips back below that zone, the move may broaden into a deeper correction, but even then sellers would need to force the market back through several support layers before the broader bullish shift is truly neutralized.
Current price: 1.35916
Pivot: 1.35820
Nearest support levels: S1: 1.35700, S2: 1.35520, S3: 1.35280
Nearest resistance levels: R1: 1.36080, R2: 1.36280, R3: 1.36550
Note:
Above Pivot: If the pair remains above 1.35820, buyers may continue to target 1.36080 and 1.36280. If the bullish breakout extends through the day, the next upside objective may come at 1.36550.
Below Pivot: If the pair drops back below 1.35820, the market may shift into a broader pullback toward 1.35700 and 1.35520. A deeper daily correction would then expose 1.35280.
