The GBP/USD pair is currently pulling back from a key resistance zone and trendline stretching from the peaks of July 2023 to September 2024. These levels coincide with previously oversold RSI readings seen during the same periods, raising the likelihood of a pullback.
This resistance aligns with the 1.3590 level, which also corresponds to the 1.272 Fibonacci extension of the long-term downtrend from the 2008 highs to the 2022 lows.
A clean break and sustained move above this level could open the way for further gains, targeting the 0.382 retracement zone and the previous highs from 2021 and 2016, between 1.42 and 1.47.
On the downside, if a pullback emerges—driven by overbought conditions or renewed dollar strength—a clear break below 1.3460 could extend selling pressure toward 1.33, 1.3240, and 1.3140.
- Razan Hilal, CMT
This resistance aligns with the 1.3590 level, which also corresponds to the 1.272 Fibonacci extension of the long-term downtrend from the 2008 highs to the 2022 lows.
A clean break and sustained move above this level could open the way for further gains, targeting the 0.382 retracement zone and the previous highs from 2021 and 2016, between 1.42 and 1.47.
On the downside, if a pullback emerges—driven by overbought conditions or renewed dollar strength—a clear break below 1.3460 could extend selling pressure toward 1.33, 1.3240, and 1.3140.
- Razan Hilal, CMT
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.