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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the GBPUSD for February 6, 2026.
Technical Analysis of GBPUSD
GBPUSD Daily Chart Insight
The GBPUSD pair is experiencing a sharp corrective pullback. The key zone to monitor lies between 1.3450 and 1.3525, where price action will determine the next move. If this level fails to provide support, expect further downside toward deeper trend support levels.
Key Levels: The most critical support levels are 1.3450-1.3460 (medium-term moving average and December 2025 consolidation), 1.3330-1.3350 (long-term trend support), and 1.3040-1.3050 (November 2025 swing low). On the upside, resistance sits at 1.3620-1.3650 (former support now resistance), 1.3750 (psychological level where sell-off accelerated), and 1.3876 (recent cycle high), with a break above this level signaling trend continuation to new highs.
GBPUSD 2-Hour Chart Analysis
The H2 chart shows bears dominating short-term price action. The break below the green moving average represents a meaningful technical breakdown. Although oversold stochastic readings hint at potential selling exhaustion, momentum continues to favor downside movement toward 1.3500.
Breakout Scenarios: Given the strongly downward trend, any bounce toward 1.3580 – 1.3600 should be viewed as a potential “relief rally” trap, as technical traders often look for these bounces to fail at resistance before entering short positions aligned with the prevailing momentum. A sustained break and H2 candle close below 1.3490, clearing the mid-January consolidation, would open the door for a deeper move down to 1.3420. For the outlook to shift back to neutral or bullish, price needs to stop making new lows, consolidate sideways to allow the moving averages to catch up, and then break back above the green moving average at 1.3615.
GBPUSD Pivot Indicator
The M30 chart suggests the intense selling pressure has temporarily eased. Price action is likely to enter a choppy consolidation phase or stage a minor bounce toward 1.3580, but bears will maintain control of the overall trend unless price can reclaim the 1.3600 level.
Bullish Correction: If price can hold above the purple moving average at 1.3540 and break through 1.3555, a mean reversion trade becomes likely, with price naturally gravitating toward the black moving average at 1.3580 in a counter-trend setup.
Bearish Continuation: Traders looking to join the main downtrend will likely wait for price to rise toward 1.3580, where rejection wicks at the black moving average combined with stochastics turning down from overbought territory (80+) would present a high-probability short entry opportunity.
Breakdown Signal: A 30-minute candle close below 1.3515 invalidates the relief rally thesis and implies the “freefall” is continuing directly to 1.3500.
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