29.07.202612:02 Forex Analysis & Reviews: GBP/USD. Potential dollar weakening may support the pound against the US dollar

Relevance up to 05:00 2026-07-31 UTC--4

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The pair remains in a broad "sideways trend" amid a challenging external and domestic economic and political environment. However, the Fed's decision to keep interest rates unchanged may weaken the dollar, which would support the pound against it. Against this background, the pair is expected to rise within the established price range.

From a technical perspective, the pair is trading above the 1.3280 level.

Technical picture and trading idea:

The price is below the middle line of the Bollinger Bands and below the SMA 5 and SMA 14. The RSI is below the 50% level and is showing an upward reversal. The Stoch indicator remains in the oversold zone.

A consolidation of the pair above the 1.3280 level would open the way for further growth towards 1.3525. The 1.3314 level could serve as an entry point for buying.

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