Current Technical Dynamics

The technical picture for GBP/USD remains bearish. Bollinger Bands are turning lower, the MACD histogram is expanding in negative territory, and Stochastic sits in oversold territory—raising the prospect of a limited, short-term bounce but favoring continued selling pressure.

If bulls reclaim the middle Bollinger Band at 1.3428 (Murray [4/8]), the pair may stage a rebound back into the upward channel, targeting 1.3550 (Murray [6/8]), 1.3672 (Murray [8/8]), and 1.3794 (Murray [+2/8]). However, current momentum favors further downside as sellers remain in control.

Support and Resistance Levels

Resistance: 1.3428, 1.3550, 1.3672, 1.3794
Support: 1.3184, 1.2975, 1.2785

GBP/USD hits new lows as technical pressure mountsGBP/USD hits new lows as technical pressure mounts

Trading Scenarios

Main Scenario (SELL):

  • Entry: Below 1.3184
  • Targets: 1.2975, 1.2785
  • Stop-Loss: 1.3300
  • Timeframe: 5–7 days

Alternative Scenario (BUY STOP):

  • Entry: Above 1.3428
  • Targets: 1.3550, 1.3672, 1.3794
  • Stop-Loss: 1.3330

Key levels: 1.2785, 1.2975, 1.3184, 1.3428, 1.3550, 1.3672, 1.3794

Conclusion

GBP/USD remains under pressure as technical signals reinforce the downside. Only a clear break above 1.3428 would shift the outlook back to bullish in the short term. For now, sellers maintain the upper hand.