Key Highlights
- GBP/USD started a fresh surge above 1.3350 and 1.3440.
- It cleared a key bearish trend line with resistance at 1.3280 on the 4-hour chart.
- EUR/USD also climbed higher above the 1.1650 resistance.
- WTI Crude Oil prices trimmed most gains and traded below $95.
GBP/USD Technical Analysis
The British Pound found support at 1.3150 and started a fresh increase against the US Dollar. GBP/USD gained pace for a move above 1.3250 and 1.3350.
Looking at the 4-hour chart, the pair cleared a key bearish trend line with resistance at 1.3280 to enter a positive zone. The pair settled well above 1.3400, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour).
The pair tested the 1.3485 resistance and started a consolidation phase. Immediate support is seen near 1.3410 and the 23.6% Fib retracement level of the upward move from the 1.3177 swing low to the 1.3485 high.
The first key support sits at 1.3365. The next key area of interest might be near 1.3300 or the 61.8% Fib retracement level of the upward move from the 1.3177 swing low to the 1.3485 high.
A close below 1.3300 might call for heavy losses. In the stated case, it could even revisit 1.3220. On the upside, the pair could face resistance near the 1.3500 zone. The first major resistance sits at 1.3550. The main resistance could be 1.3620. A close above 1.3620 could open the doors for gains above 1.3650. In the stated case, the bulls could aim for a move to 1.3750.
Looking at Oil, the price started a fresh decline amid peace talks, and the bears were able to push the price below $95.
Upcoming Key Economic Events:
- US Initial Jobless Claims – Forecast 210K, versus 202K previous.
- US Gross Domestic Product for Q4 2025 – Forecast 0.7% versus previous 0.7%.
