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GBP/USD Could Push Higher If Buyers Hold Control

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Aayush Jindal

Key Highlights

  • GBP/USD started a fresh increase above 1.3400.
  • It traded above a key bearish trend line with resistance at 1.3305 on the 4-hour chart.
  • Bitcoin seems to be facing hurdles near $64,500 and $65,650.
  • EUR/USD rallied above 1.1500 before it started a consolidation phase.

GBP/USD Technical Analysis

The British Pound started a decent increase above 1.3380 against the US Dollar. GBP/USD even surpassed 1.3400 to enter a positive zone.

Looking at the 4-hour chart, the pair settled above 1.3400, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). There was a move above the 61.8% Fib retracement level of the downward move from the 1.3555 swing high to the 1.3273 low.

However, the bears are active near the 1.3520 zone. If there is a downside correction, the pair might find support near 1.3290 or the 100 simple moving average (red, 4-hour).

The first key support is near the 1.3350 level and the 200 simple moving average (green, 4-hour). A downside break and close below 1.3350 might send the pair toward 1.3320. Any more losses could open the doors for a test of 1.3250.

On the upside, the pair could face resistance near 1.3500. The next major resistance might be 1.3520. A close above 1.3520 could start another steady increase. In the stated case, the bulls could aim for a move to 1.3555. Any more gains might open the doors for a test of 1.3620.

Looking at Bitcoin, the bears seem to be in control, and they could aim for a fresh push toward the $60,000 level.

Upcoming Key Economic Events:

  • US Factory Orders for June 2026 (MoM) - Forecast +0.2%, versus -1.3% previous.
  • US Goods and Services Trade Balance for June 2026 - Forecast $-73.0B, versus $-77.6B previous.
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