The GBP/USD currency pair continues to move within a developing correction and a bullish channel. At the time of publication of this forecast, the GBP/USD exchange rate on Forex is 1.3536. Moving averages indicate a short-term bullish trend. Prices have broken upwards through the area between the signal lines, indicating buying pressure on the currency pair and potential continued growth. Currently, we should expect an attempt to develop a bearish correction in the British Pound against the US Dollar exchange rate and a test of the support area near 1.3525. From here, we should expect another upward rebound in the pair and continued growth in the British Pound against the US Dollar. The target for the pair’s upside, according to the Forex forecast, is the 1.3765 level.
GBP/USD Forecast and Analysis for May 6, 2026
An additional signal in favor of an upside move will be a test of the trend line on the relative strength indicator (RSI). A second signal in favor of growth will be a rebound from the lower boundary of the bullish channel. A decline and a breakout of the support area with a price consolidation below 1.3465 would cancel out the upward move in the GBP/USD pair. This would indicate a breakout of the lower boundary of the bullish channel and a continuation of the GBP/USD decline toward 1.3285. Expect confirmation of the pair’s upside move with a breakout of the resistance area and a price close above 1.3665, which would indicate a breakout of the upper boundary of the descending channel.
GBP/USD Forecast and Analysis for May 6, 2026 suggests an attempt to develop a bullish correction and test the support area near 1.3495. Subsequently, quotes will continue to rise with a target near 1.3265. An additional signal favoring a rise in the British Pound will be a test of the support line on the relative strength indicator (RSI). A decline in the British Pound against the US Dollar and a breakout of 1.3585 will cancel out the upside scenario. This will indicate a continued decline in the Forex pair with a potential target below 1.3725.
