GBPUSD Price Outlook – Trade SetupBritish Pound / U.S. DollarFOREXCOM:GBPUSDATFX_Global🌐Macro Background The UK GDP grew by 0.1% month-over-month in May, recovering from a 0.1% contraction reported in April. Fundamentally, the pound carries strong bullish momentum, having surged over 1% on Wednesday—its largest single-day gain in four months. Moving forward, market participants are likely to exercise caution and adjust positioning ahead of the upcoming U.S. retail sales data release, which could introduce near-term volatility. 📊Technical Structure GBP/USD is trading within a well-defined ascending channel. After reaching its highest levels since May 12, the pair is currently posting modest losses and consolidating near 1.3535. The breakout dynamics have shifted the upside focus toward early May highs. Resistance Zone: 1.3586 – 1.3622 Support Zone: 1.3462 – 1.3499 🎯Trade Setup With the broader trend firmly bullish within the ascending channel, the current pullback presents a potential "buy-the-dip" opportunity. A retracement into the established Support Zone (1.3462 – 1.3499) aligns with the lower boundary of the channel, offering a favourable risk-to-reward ratio for long positions. 📌Invalidation The bullish setup will be invalidated if the price registers a decisive breakdown and a 4-hour candle closes below the 1.3462 support level. Such a move would break the lower boundary of the ascending channel, suggesting a structural shift in the near-term trend. 📌Trade Summary Initiate long positions within the 1.3462–1.3499 support zone, targeting the 1.3586–1.3622 resistance area, with a stop loss placed below 1.3450. ⚠️Disclaimer This analysis is for reference only and does not constitute trading advice. Financial markets involve significant risk; proper risk and position management are essential.