Key Highlights
- GBP/USD started a fresh decline from the 1.3550 resistance zone.
- It traded below a bullish trend line with support at 1.3435 on the 4-hour chart.
- Bitcoin could aim for an upside break if it clears $66,500.
- USD/JPY seems to be aiming for more gains above 164.00.
GBP/USD Technical Analysis
The British Pound failed to clear 1.3550 and trimmed gains against the US Dollar. GBP/USD started a fresh decline below 1.3500 and 1.3450.
Looking at the 4-hour chart, the pair settled below 1.3400, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). There was a drop below the 50% Fib retracement level of the upward move from the 1.3140 swing low to the 1.3555 high.
Besides, the pair traded below a bullish trend line with support at 1.3435. If the bears remain in action, they could aim for a test of the 76.4% Fib retracement level at 1.3238.
The next major support could be near 1.3220. The main support might be 1.3200. A downside break and close below 1.3200 might send the pair toward 1.3050. Any more losses could open the doors for a test of 1.3000.
On the upside, the pair could face resistance near 1.3350. The next major resistance might be 1.3400 and the 100 simple moving average (red, 4-hour). A close above 1.3400 could start another steady increase. In the stated case, the bulls could aim for a move to 1.3450. Any more gains might open the doors for a test of 1.3550.
Looking at Bitcoin, the price is slowly attempting a recovery wave, and if it settles above $66,500, there could be more gains.
Upcoming Key Economic Events:
- US Housing Price Index for May 2026 (MoM) – Forecast +0.2%, versus -0.1% previous.
- US ADP Employment Change 4-week Average – Forecast 12K, versus 16.5K previous.
- US Wholesale Inventories for June 2026 (preliminary) – Forecast +0.2%, versus +0.1% previous.
