Today, Monday, the pair is trading in a sideways consolidation with a slight bullish bias, supported by dovish expectations for Federal Reserve interest rates, which are keeping the U.S. dollar under pressure.

Global risk appetite has increased notably after U.S. President Donald Trump backed away from his threat to impose 100% tariffs on Chinese imports starting November 1. This comes amid expectations that the U.S. Federal Reserve will cut lending rates two more times this year, as well as concerns over a prolonged U.S. government shutdown, which negatively affects the dollar's appeal as a safe-haven asset.

In addition, expectations that the Bank of England will keep interest rates unchanged until the end of the year are creating favorable conditions for the British pound, providing further support to the GBP/USD pair.

From a technical perspective, Friday's break above the 1.3325 level confirms the likelihood of further intraday upside. However, the negative oscillators on the daily chart suggest that traders should wait for a stronger confirmation beyond the resistance level near 1.3370 before entering new long positions.

Once that resistance is cleared, the GBP/USD pair could break through the psychological 1.3400 level and extend its rally toward the next resistance level at 1.3420–1.3425.

On the other hand, the 1.3330–1.3325 level now acts as immediate support, shielding the pair from further decline ahead of the 1.3300 round level and the multi-month low near 1.3260 reached on Friday.

A sustained move below Friday's low would pave the way for a continuation of the downtrend from the September high near 1.3725 toward the 1.3200 level. This would be followed closely by the 200-day Simple Moving Average (SMA) located around 1.3180–1.3175, the decisive break of which would serve as a fresh bearish signal.