The GBP/USD currency pair remained under pressure for a fourth consecutive day, trading around 1.3430 during European hours on Tuesday, as technical indicators pointed to a prevailing bullish bias within an ascending channel, according to FXStreet's Akhtar Faruqui [1]. The pair is currently holding above both the nine-day and 50-day Exponential Moving Averages (EMAs), with the 14-day Relative Strength Index (RSI) at approximately 55, indicating steady but not overstretched positive momentum [1]. Key resistance levels are identified at the upper boundary of the ascending channel near 1.3630 and the five-month high of 1.3658, reached on May 1, with a further target at 1.3869, the highest since September 2021, if these levels are breached [1]. On the downside, immediate support is at the nine-day EMA of 1.3426 and the 50-day EMA at 1.3386, with a break below exposing the eight-month low of 1.3140, recorded on June 24 [1].
United Overseas Bank’s (UOB) Quek Ser Leang, as cited by FXStreet, described GBP/USD price action as range-bound following an unexpected intraday spike to 1.3481 and a sharp drop to 1.3414 [2]. The analyst expects the pair to hold between 1.3400 and 1.3460 in the short term, with a broader range of 1.3385–1.3495 anticipated over the coming weeks [2]. Momentum indicators are described as flat, suggesting a neutral direction, with wider supports at 1.3210 and 1.3160 [2].
The FXStreet heat map shows that the British Pound was the weakest against the New Zealand Dollar today, declining by 0.38%, and also posted losses against the Australian Dollar (-0.35%) and the Euro (-0.10%) [1]. Against the US Dollar, the Pound was marginally lower by 0.02% [1].
While the technical setup from FXStreet suggests a constructive bullish bias as long as the pair remains above key EMAs, UOB’s analysis points to fading upward momentum and a shift into a consolidation phase, with no clear directional bias in the near term [1][2].
CONCLUSION
GBP/USD is currently consolidating near 1.3430, with technicals showing a bullish bias but analysts highlighting fading momentum and a likely range-bound phase. Market impact is moderate, with no clear directional catalyst in the immediate term as the pair trades within established support and resistance levels.