GBP/USD Price Analysis: Monday’s bullish pin bar keeps buyers hopeful

GBP/USD extends the previous day’s recovery moves from 1.3530.
Bullish candlestick formation, sustained trading above 21-day SMA favor buyers.
Monthly resistance line adds to the upside barriers.

Anil Panchal FXStreet

GBP/USD picks up bids around 1.3590 amid the initial Asian trading session on Tuesday. In doing so, the Cable justifies its bounce off 21-day SMA and a bullish pin bar candlestick pattern on the daily (1D) chart.

With the normal RSI conditions joining the aforementioned price-positive catalysts, GBP/USD is for regaining its status above the 1.3600 mark. However, there are multiple upside barriers near 1.3660 that test the bulls afterward.

Also acting as the key resistance are the 1.3700 round-figure and an ascending trend line from January 04, at 1.3715 now.

Alternatively, a daily closing below 21-day SMA of 1.3573 will recall GBP/USD sellers targeting an ascending trend line from December 22, currently around 1.3515.

It should, however, be noted that any further weakness past-1.3515 will not hesitate to probe a five-week-old support line near 1.3375.

GBP/USD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.3583
Today Daily Change	-1 pip
Today Daily Change %	-0.01%
Today daily open	1.3584

Trends
Daily SMA20	1.3567
Daily SMA50	1.3426
Daily SMA100	1.3204
Daily SMA200	1.2914

Levels
Previous Daily High	1.3698
Previous Daily Low	1.3572
Previous Weekly High	1.371
Previous Weekly Low	1.3451
Previous Monthly High	1.3686
Previous Monthly Low	1.3134
Daily Fibonacci 38.2%	1.3621
Daily Fibonacci 61.8%	1.365
Daily Pivot Point S1	1.3538
Daily Pivot Point S2	1.3492
Daily Pivot Point S3	1.3412
Daily Pivot Point R1	1.3664
Daily Pivot Point R2	1.3744
Daily Pivot Point R3	1.379

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

USD/JPY steadies below 160.50 as BoJ's Uchida speaks on outlook

USD/JPY holds its bounce below 160.50 in Europe trading on Tuesday, following the release of the Bank of Japan's monetary policy decision. The BoJ hiked the key rate by 25 bps to 1% as widely, providing little to no impetus to the Japanese Yen. BoJ Deputy Governor Uchida's press conference is doing little to lift the Japanese Yen.

AUD/USD keeps losses near 0.7050 after RBA's expected pause

AUD/ISD is holding moderate losses near 0.7050 in the European session on Tuesday. Traders are assessing the Reserve Bank of Australia's (RBA) expected interest rate hike pause decision and the Governor Bullock's remarks, with the Australian Dollar holding lower ground.

Gold holds gains above $4,300 amid cautious markets

Gold maintains a mildly positive tone, holding gains after rallying about 6.5% over the last few days. The precious metal's recovery, however, has lost steam after crossing the $4,300 line and remains practically flat as the initial enthusiasm about the US-Iran peace deal faded, with investors awaiting details of the agreement and monetary policy decisions by major central banks.

Solana's rebound gains momentum as ETF inflows return

Solana (SOL) steadies at $73 after posting three consecutive green candlesticks since the weekend. The recent recovery is supported by institutional demand, with spot Exchange Traded Funds recording net inflows of $2.81 million on Monday.

Kevin Warsh opens first Fed meeting June 16 with rate hold expected

Kevin Warsh was confirmed by the Senate in a 54-45 vote and sworn in as Federal Reserve Chair on 22 May 2026. The ceremony took place at the White House, with Supreme Court Justice Clarence Thomas administering the oath. The FOMC meeting on 16 and 17 June is his first as chair. The June meeting is also a quarterly projection meeting.

4.2% headline, 0.2% core: Why the Fed's next hike may be targeting the wrong problem

May's CPI put headline inflation at 4.2% on the year, up from 3.8% in April and the hottest reading since April 2023, while core prices rose just 0.2% on the month, undershooting the 0.3% consensus and halving April's pace.