GBP/USD Analysis: Still unable to reclaim 1.24

Dukascopy Bank Team Dukascopy Bank SA

“Despite the doom and gloom hanging over sterling, it has held up well this year – if so traders are to be surprised with some sort of plan or minor victory from the UK government, we could in fact see GBP trading higher in a relief rally.”

– ThinkMarkets (based on Reuters)

Pair’s Outlook
On Monday, the GBP/USD currency pair experienced a small bearish correction, after having surged for three consecutive days last week. The situation mostly remains unchanged, with the exception of the immediate resistance area now being slightly stronger, as the 55-day SMA is now bolstering the 100-day one. However, technical studies are now giving bearish signals in the daily timeframe, suggesting that Cable could struggle to appreciate again. Ultimately, the Pound is required to stabilise above the 1.24 level in order to reach the nine-month down-trend. In case bears take over the market, the 1.23 mark is expected to hold, as it is reinforced by the weekly PP and the 20-day SMA.
Traders’ sentiment
Today 67% of traders holding long positions (previously 68%), whereas pending orders are still equally divided between buy and sell ones.

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.2407
2. R2 1.2401
3. R1 1.2393
PP 1.2387
1. S1 1.2378
2. S2 1.2373
3. S3 1.2364

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

EUR/USD extends its optimism past 1.1900

EUR/USD retains a firm underlying bid, surpassing the 1.1900 mark as the NA session draws to a close on Monday. The pair’s persistent uptrend comes as the US Dollar remains on the defensive, with traders staying cautious ahead of upcoming US NFP prints and CPI data.

GBP/USD tilts bullish as markets barrel toward mid-week NFP print

GBP/USD is holding a broader bullish structure on the daily chart, with price trading well above the 50 Exponential Moving Average at 1.3507 and the 200 EMA at 1.3310, confirming the intermediate uptrend that has been in place since the November 2025 low near 1.2300.

Gold pushes back above $5,000

The daily chart shows spot Gold in a parabolic uptrend that accelerated sharply from the $4,600 area in late January, printing a record high at $5,598.25 before a violent reversal erased nearly $1,000 in value during the final days of the month.

Litecoin eyes $50 as heavy losses weigh on investors

Following a strong downtrend across the crypto market over the past week, Litecoin holders are under immense pressure. The Bitcoin fork has trimmed about $1.81 billion from its market capitalization since the beginning of the year, sending it below the top 20 cryptos by market cap.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Ripple exposed to volatility amid low retail interest, modest fund inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.