GBPUSD Daily Analysis 29th May 2026 — Cable Sweeps Low, Recovers Clean
GBPUSD Daily Analysis 29th May 2026: Cable did what cable does. Went down, grabbed the sell stops at 1.33676, then came roaring back to close 1.34439. A full 763-pip round trip in one session. The weekly SSL is off the board. The structure points higher. One pivot stands between here and the weekly target: 1.34638.
The Thursday Pattern
The GBPUSD SSL sweep 1.33676 bounce Friday 29 May 2026 completed the corrective cycle from Tuesdays 1.34638 high. Price moved in a textbook sweep-and-reverse: SSL raid below Mondays range low, recovery through Thursdays open, close inside the weekly bullish OB. Institutional buying confirmed at 1.33676.
- Daily Bias — Bullish — post-SSL sweep recovery
- OB support zone — 1.33676–1.33900 — Thursdays recovery base
- Today price — 1.34458 — opening above Thursdays close
- Target 1 — 1.34638 — prior HOH and BSL
- Target 2 — 1.35091 — next weekly BSL
- Stop — 1.33676 — below the sweep low
ICT/SMC — Structure and Setups
The daily BOS above 1.33242 from the week of 18th May remains intact. This week has been a corrective pull followed by a Thursday SSL sweep — classic PO3 accumulation phase completing ahead of Friday distribution and continuation.
The Cable 1.34638 resistance pivot 29 May 2026 is the key level. It marks Tuesdays high and the weekly BSL that has not been taken. A daily close above 1.34638 opens the 1.35091 target. A rejection here means more consolidation into next week.
The 4H opened the day above 1.34400. Early H at 1.34508 shows buyers active. The first 4H close above 1.34638 is the trigger for longs toward 1.35091. That is the clean trade.
| Level | Zone | Note |
|---|---|---|
| 1.35091 | BSL | Weekly target — next liquidity pool |
| 1.34638 | Prior HOH | Key pivot — must break for continuation |
| 1.34508 | Early high | Buyers pushing this morning |
| 1.34439 | Thursdays close | Support floor today |
| 1.33900 | OB top | Demand zone upper edge |
| 1.33676 | SSL swept | Stop level — below this is exit |
GBPUSD ICT Bullish OB Entry — The Details
The GBPUSD ICT bullish OB entry 29 May 2026: the cleanest entry was Thursdays sweep low at 1.33676. That ship has sailed. For today, the OB zone 1.33900–1.34200 offers a pullback entry. If price dips there before the PCE print, R:R to 1.34638 is above 2.0.
The aggressive entry is any 1H bullish close above 1.34638 — targeting 1.35091 with stop at 1.34100. Tighter R:R but the momentum trade works when the PCE data cooperates.
- 13:30 GMT — US Core PCE m/m — primary USD catalyst
- 13:30 GMT — US Personal Spending m/m
- 14:45 GMT — Chicago PMI
- 15:00 GMT — Michigan Consumer Sentiment Final
The Trade Plan
Bias is bullish. The weekly structure is clean. Thursdays sweep confirmed the institutional bid. Today is about patience and the PCE reaction.
Soft PCE = dollar weakness = GBPUSD break above 1.34638 into Friday close. Weekly close above the Tuesday high sets cable up for a strong open next week. Hot PCE = dollar bid = pullback into 1.33900–1.34200 OB. That is the gift — a second bite at the long trade.
GBP USD price forecast 29 May 2026: target 1.34638 then 1.35091, stop 1.33676. Do not short this market on the weekly chart until a daily close back below 1.33242. The BOS is intact. The smart money is long.
We wrap up May on the London open. The analysis is here. You bring the coffee. The tape will sort out the rest.
