GBP/USD – Initial Support Levels Temporarily Halt the Pullback

Cable remains under pressure on Wednesday following Tuesday’s pullback from a new multi-month high of 1.3593, which briefly breached the key psychological support at 1.3500.

The pair dipped to 1.3461 early today but quickly rebounded toward the 1.3500 area, highlighting the challenges facing fresh bearish momentum.

So far, Wednesday’s price action has formed a Doji candle, signaling indecision. A brief dip below the initial Fibonacci support at 1.3486 (23.6% retracement of the 1.3195–1.3593 rally) may indicate a potential bear trap, suggesting the current shallow pullback could precede another push higher in the broader uptrend.

Daily technical indicators remain firmly bullish, reinforcing the prospect of continued gains.

However, a decisive break below the 1.3486/61 zone would expose downside risks and open the door for a test of the key 1.3420 support area (10-day moving average and 38.2% Fibonacci retracement).

Res: 1.3544; 1.3564; 1.3593; 1.3643
Sup: 1.3486; 1.3461; 1.3420; 1.3400