Key Highlights
- GBP/USD started a fresh increase above 1.3300 and 1.3350.
- A key bullish trend line is forming with support at 1.3370 on the 4-hour chart.
- Gold struggled near $4,120 and corrected some gains.
- WTI Crude Oil prices gained pace for a move above $80.00.
GBP/USD Technical Analysis
The British Pound remained in a positive zone above 1.3320 against the US Dollar. GBP/USD corrected some gains from 1.3450, but the bulls protected losses.
Looking at the 4-hour chart, the pair tested the 38.2% Fibonacci retracement level of the upward move from the 1.3140 swing low to the 1.3451 high. Besides, the pair remained stable above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).
The pair is again rising above 1.3400. On the upside, the bears might remain active near 1.3435 and 1.3450. The next major resistance might be 1.3500.
A close above 1.3500 could start a steady increase. In the stated case, the bulls could aim for a move to 1.3620. If there is a fresh decline, the pair might find support near 1.3370. There is also a key bullish trend line forming with support at 1.3370.
The first major support could be near 1.3300 and the 100 simple moving average (red, 4-hour). A downside break and close below 1.3300 might send the pair toward the 50% Fibonacci retracement level at 1.3260. Any more losses could open the doors for a test of 1.3200.
Looking at EUR/USD, the pair recovered some losses, but the bears are still active near the 1.1475 resistance zone.
Upcoming Key Economic Events:
- US Producer Price Index for June 2026 (MoM) – Forecast 0%, versus +1.1% previous.
- US Producer Price Index for June 2026 (YoY) – Forecast +6.2%, versus +6.5% previous.
- Fed’s Cook speech.
- Fed’s Beige Book.
