Key Highlights
- GBP/USD extended gains above the 1.3720 resistance.
- A bullish continuation pattern is forming with resistance at 1.3725 on the 4-hour chart.
- EUR/USD started consolidating gains below the 1.1750 zone.
- Gold price dipped below the $3,320 and $3,300 support levels.
GBP/USD Technical Analysis
The British Pound started a fresh increase above the 1.3650 level against the US Dollar. GBP/USD cleared the 1.3700 zone to move further in a positive zone.
Looking at the 4-hour chart, the pair cleared many hurdles and bearish trend lines to climb above 1.3700. The bulls even pushed the pair above 1.3750. A high was formed near 1.3770 and the pair settled well above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).
It is now consolidating gains below the 1.3750 zone. On the downside, immediate support is near the 1.3650 level. The next key support sits near 1.3620.
Any more losses could send the pair toward the 1.3570 support zone and the 100 simple moving average (red, 4-hour). Conversely, the pair could restart its increase after the current wave of correction.
On the upside, the pair could face resistance near the 1.3725 level. There is also a bullish continuation pattern forming with resistance at 1.3725 on the same chart. The next key resistance sits near the 1.3750 level.
The first major resistance sits at 1.3770. A close above the 1.3770 level could set the pace for another increase. In the stated case, the pair could even clear the 1.3800 resistance. The next major stop for the bulls could be near the 1.3880 resistance.
Looking at EUR/USD, the pair gained pace for an upside break above the 1.1650 and 1.1720 resistance levels. It is now consolidating gains and might start a downside correction.
Upcoming Economic Events:
- Euro Zone Manufacturing PMI for June 2025 – Forecast 49.4, versus 49.4 previous.
- UK Manufacturing PMI for June 2025 – Forecast 47.7, versus 47.7 previous.
- US ISM Manufacturing Index for June 2025 – Forecast 48.8, versus 48.5 previous.
