GBP/USD slides toward trendline support below 1.3600

GBPUSD weakens within consolidation.
Loses ground on US-Iran tensions, UK political pressure, US data in focus.
Momentum indicators point to a modestly fading positive bias.

Nicole Zeniou XM

GBPUSD is losing ground below the 1.3600 handle, eyeing support at the medium‑term ascending trendline. The pound is under pressure against the dollar amid domestic political uncertainty, lingering Middle East tensions, and ahead of key US CPI data.

Momentum indicators are easing within positive territory, with the MACD muted near its signal line and the RSI drifting toward neutral. This suggests consolidation within the 1.3525-1.3625 range may persist, with downside risks increasing if price breaks below the uptrend line and the 20‑day simple moving average (SMA) at the lower bound of the range.

Below that, further support is seen near 1.3465, followed by the 1.3385-1.3430 zone, which encapsulates the converging 50‑ and 200‑day SMAs and may help shield price action from deeper losses toward the 23.6% Fibonacci retracement of the January-March pullback near 1.3325. A decisive break below this level would expose the multi‑month lows.

On the upside, resistance near the 61.8% Fibonacci and psychological 1.3600 level, alongside the eleven-week high at 1.3625, remains firm. A sustained break above this area could reopen targets at 1.3715 and then the multi‑year high near 1.3985.

Summing up, GBPUSD remains under pressure as it attempts to stabilise around the previously broken uptrend line. Momentum though remains broadly constructive, suggesting that holding this support could still underpin upside attempts in the near term.

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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