GBPUSD – Bulls Encounter Resistance Headwinds but Maintain Their Hold for Now
Bulls are showing early signs of fatigue as GBPUSD edges closer to the key resistance at 1.3434 — the 2024 high from September 26 — after repeatedly failing to sustain moves above the 1.3400 mark.
Heavily overbought conditions on the daily chart suggest the impressive eleven-day rally could be losing momentum. So far, pullbacks have been shallow, with no clear signal of a correction emerging yet — a daily close in negative territory would be the first warning sign.
Ongoing concerns over trade tensions and the escalating Trump-Powell standoff continue to offer underlying support, pointing to a likely scenario of consolidation or modest retracement before bulls attempt another breakout.
Key initial supports are seen at 1.3355/1.3300 (session low / last week’s highs), with deeper levels at 1.3207 (April 3 spike high) and 1.3183 (rising 10-day moving average).
On the upside, a sustained break above 1.3434 would confirm a bullish continuation, clearing the broader range and opening the door for further gains from the 2025 low at 1.2099.
Res: 1.3400; 1.3434; 1.3515; 1.3588
Sup: 1.3355; 1.3300; 1.3207; 1.3183
