GBP/USD hovers at 11‑week high near 1.3600

GBP/USD supported by short‑term uptrend line.
Momentum signals point to easing bullish bias.

Nicole Zeniou XM

GBP/USD is holding near an 11‑week high around the 1.3600 psychological level, with the rebound from the medium‑term ascending trendline beginning to stall. Momentum indicators reflect growing hesitation, though they remain in positive territory.

On the upside, resistance is seen at the weekly highs near 1.3645, tracking February peaks, followed by the 71.8% Fibonacci retracement of the January 27-March 31 pullback at 1.3715. Beyond this, 1.3850 and the four‑year and ytd high near 1.3985 come into view.

Support is located near 1.3515, just below the 20‑day SMA and the rising trendline, followed by the 1.3465-1.3325 congestion zone, which encapsulates the flat 50‑ and 200‑day SMAs.

Overall, GBP/USD appears to be hesitating at the upper end of its recent range, with fading momentum evident near resistance as bulls struggle to extend gains amid UK election uncertainty and ahead of US NFP and UK construction PMI data.

Author

Nicole Zeniou

Nicole joined Trading Point as a Market Analyst in January 2025. She holds a BA in English Literature from Kingston University, London, and an MA in Applied Linguistics (Research Methodology) from the University of Southampton with distinction.

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