GBP/USD Price Aanlysis: Bears now engaged and seeking a weekly bearish close

GBP/USD on the verge of a bearish weekly close.
Bears are seeking a fill of the weekly wick and a downside extension.

Ross J Burland FXStreet

The following illustrates the pound's bullish trajectory on the daily chart in an M-formation as per prior analysis and live updates:

GBP/USD daily chart

The chart above was from the prior day's close. The price attempts to recover towards the neckline of the formation:

GBP/USD live market

The price is making slower progress on Thursday and given that it has now made a significant correction, the weekly chart's doji candle should be considered as bears seek a weekly bearish close:

GBP/USD weekly chart

The pair has formed a weekly doji and bears will now be on the lookout for this week's close to print bearish. So far so good in this respect and the wick would be expected to be filled in next week with a move that could result in a downside continuation.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

GBP/USD slips toward 1.3350 after soft UK CPI data

GBP/USD erases recovery gains and slips toward 1.3350 in the European session on Wednesday. The UK annual Consumer Price Index (CPI) inflation cooled to 2.6% in June against the market forecast of 2.7%, tempering the British Pound's rebound from weekly troughs. Traders also assess the ongoing Mideast tensions amid a pause in the US Dollar uptrend.

EUR/USD holds above 1.1400 amid US Dollar retreat

EUR/USD holds positive ground above 1.1400 in European trading on Wednesday, helped by hawkish ECB expectations and a broad US Dollar retreat. However, persisting Middle East tensions and surging Oil prices keep the pair's upside elusive.

Gold holds gains above $4,100 undaunted by risk-off markets

Gold extends gains for the fourth consecutive day, standing comfortably above $4,100, unfazed by the risk-off market amid rising tensions in Iran and higher Oil prices. The pair has rallied nearly 2.5% so far this week and is on track for its best weekly performance in more than three months.

Cardano: Short-term recovery lacks retail support

Cardano price edges lower after the 50-day Exponential Moving Average at $1.770 capped two consecutive days of recovery seen earlier this week. ADA futures point to waning retail traction as Open Interest and trading volume decline amid elevated long liquidations. The technical outlook for ADA is bearish, as momentum remains subdued below a resistance trendline near $0.1782.

Chip stocks are more volatile than Oil

I continue to start the day by looking at these two charts: US crude & Kospi. The former is extending gains, trading above $86 per barrel for WTI and $92 per barrel for Brent, while the Kospi is up more than 4.5%, led higher by Korean chipmakers following a similar jump in VanEck's Semiconductor ETF yesterday.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.