GBPUSD Daily Analysis 29th May 2026 — Thursday Sweep Delivered. Now the Pound Wants 1.35.
News context: Following recent dollar strength and changing risk sentiment, GBPUSD remains a key market to watch for short-term structure and liquidity shifts.
GBPUSD Daily Analysis 29th May 2026: Cable had a productive week. Monday printed the weekly high at 1.35091. Tuesday and Wednesday gave it back gracefully. Then Thursday swept the SSL at 1.33676 — a 165-pip drop that took every retail stop below the week’s range — before closing at 1.34439. Friday followed with a PCE-driven surge to 1.34848, closing at 1.34796. The GBPUSD SSL sweep 1.33676 Friday recovery bullish pattern is the ICT textbook. Sweep, reverse, run. The question for Monday is whether price attacks the 1.35091 weekly high directly or offers a pullback to the OB first.
The weekly candle opens at 1.34590, sweeps 1.33676, and closes at 1.34798. That is a bullish hammer on the weekly — two weeks of distribution followed by a sweep-and-recover. The smart money got long on Thursday. We follow on the retest. (Not the open. The retest.)
Weekly Structure — Distribution, Sweep, Recovery
| Week | Open | High | Low | Close | Bias |
|---|---|---|---|---|---|
| 11–15 May | 1.35589 | 1.36536 | 1.33152 | 1.33242 | Sharp bearish |
| 18–22 May | 1.33254 | 1.34638 | 1.33026 | 1.34312 | Bullish recovery |
| 25–29 May | 1.34590 | 1.35091 | 1.33676 | 1.34798 | Sweep and recover |
Three weeks tell the story: sharp sell (from 1.36536 to 1.33152), recovery, then a sweep of the recovery week’s lows before closing bullish. The Cable ICT order block support 1.34228 29 May 2026 zone is the key structural reference. Weekly bias: bullish.
Daily Price Action — The Setup Week
| Date | Open | High | Low | Close | Pattern |
|---|---|---|---|---|---|
| Mon 25 May | 1.34590 | 1.35091 | 1.34514 | 1.35070 | Bullish BOS — HOH |
| Tue 26 May | 1.35024 | 1.35068 | 1.34346 | 1.34471 | Distribution pullback |
| Wed 27 May | 1.34480 | 1.34591 | 1.34164 | 1.34276 | Continuation lower |
| Thu 28 May | 1.34228 | 1.34514 | 1.33676 | 1.34439 | SSL sweep + recovery |
| Fri 29 May | 1.34458 | 1.34848 | 1.34084 | 1.34796 | PCE surge |
The Thursday candle is the OB. The body opens at 1.34228 — that level is your entry zone for Monday. Thursday swept to 1.33676, proving buy-side was waiting at the daily OB. Friday confirmed direction. The pattern is complete.
ICT/SMC Framework — The Pound Roadmap
Daily bias: bullish. HTF weekly confirms. GBPUSD SMC setup Friday 29 May sets the framework:
- Daily Bias — Bullish — SSL swept 1.33676, weekly recovery confirmed
- Bullish OB zone — 1.34084–1.34228 — Thursday sweep candle body
- FVG — 1.34439–1.34590 — Thursday close to Friday open gap
- Target 1 — 1.35091 — this weeks unswept BSL
- Target 2 — 1.36436 — prior weekly BSL, unswept from May 11th week
- Stop — 1.33650 — below Thursday SSL sweep
- Bull invalidation — Daily close below 1.34084
Intraday Trade Setup
| Setup | Entry Zone | Target 1 | Target 2 | Stop | R:R |
|---|---|---|---|---|---|
| OB retest long (primary) | 1.34084–1.34228 | 1.35091 | 1.36000 | 1.33650 | 1:3.3 |
| Continuation long (aggressive) | 1.34590–1.34700 | 1.35091 | 1.35500 | 1.34200 | 1:2.0 |
(Monday gap fill could hand you the primary entry on a plate. Or it might not come and price walks straight to 1.35. Nine times out of ten, the gift comes to those who wait.)
Session Breakdown
Asian session: Range likely 1.34500–1.34800. Watch for any Asia sweep of Friday lows toward 1.34084. That sweep, followed by a hold above 1.34228, is the cleanest long trigger before London.
London session (07:00–09:00 GMT): London open is the prime window. If price retraces to the OB zone 1.34084–1.34228, look for a 15-minute bullish engulf as the entry trigger. Target 1.35091 is achievable within the London session on a clean run. Stop below 1.33650.
NY session (13:00–15:00 GMT): No tier-1 US data on the Monday calendar. If the London entry is live, manage runners toward 1.35091. That BSL will likely produce a wick and partial reaction — take 50% off the table there, hold the rest with stop at break-even.
Economic Events
| Time (GMT) | Event | Result / Consensus | Impact |
|---|---|---|---|
| 13:30 (Fri) | US Core PCE m/m | Soft print | Bullish for cable — 35-pip push |
| Mon next week | No tier-1 UK/US data scheduled | — | Technical price action dominant |
The PCE result handed cable its best session of the week. GBP USD daily outlook Friday 29 May 2026 closes strong. Next week the calendar is lighter — meaning the OB entry has room to breathe without a surprise news risk in the first 90 minutes.
Honest Risk Assessment
The bull case is solid. Thursday’s SSL sweep at 1.33676 is the hard stop. If Monday trades below that level and closes there, the setup is invalidated and this becomes a re-accumulation pattern before another leg lower. That scenario is unlikely given the PCE backdrop, but it is the level to watch.
End-of-month flows on Monday could produce a spike in either direction. Do not size full on the gap open. Wait for the Asia session to stabilize, enter on the OB retest with one percent risk. R:R to Target 1 is 3.3:1. Fair enough.
Back at the desk Monday morning. If the OB gives up and price drops to 1.33650, I will be in cash. That is not a prediction — it is a rule.
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