Over the past 48 hours, GBP/USD has shown a stable movement around the 1.35 level, closing yesterday at 1.35409, up from the previous day’s 1.35222. The Pound experienced some fluctuations amid Middle East tensions, but overall market sentiment remained positive due to better-than-expected UK retail sales data, which supported a short-term rebound in the currency offsetting some geopolitical risks.

Meanwhile, in the U.S., the Federal Reserve remains cautious on interest rate policy amid ongoing inflation pressures and rising oil prices. This caused brief volatility in the U.S. dollar, indirectly supporting GBP/USD. Additionally, stalled U.S.-Iran diplomacy and rising tensions have heightened safe-haven demand, causing volatility across global currencies, while the Pound demonstrated relative resilience.

Overall, GBP/USD’s price action over the last two days reflects the complex mix of geopolitical and economic factors at play globally. For everyday investors, it’s akin to the Pound holding firm in an uncertain climate thanks to underlying UK economic data, maintaining a near-term trading range between 1.35 and 1.36.

Daily Chart

On the daily chart, GBPUSD has trended upwards from the 1.30 area since early 2026, recently reclaiming and holding above both the 200-day and 50-day moving averages. A structural breakout is confirmed as prices stabilized above key levels. Bollinger Bands have flattened, indicating normalized volatility. The MACD remains bullish with a golden cross formation, suggesting sustained buying momentum. The overall daily trend is clearly bullish and stable.

1H Chart

The hourly chart over the past 3-5 days shows GBPUSD consolidating between 1.35 and 1.36, with strong support near 1.35. The 100-period moving average on the 4-hour chart has acted as key support after multiple tests. Bollinger Bands indicate expanding volatility recently. Although the MACD experienced a short pullback, momentum remains positive. A recent bullish engulfing candlestick hints at potential continued upside in the next 24 hours.

Technical Trend:  Cautiously Bullish

Technically, GBPUSD shows a strong bullish breakout on the daily with supporting momentum signals like a MACD golden cross and a bullish engulfing pattern on the shorter hourly timeframe. The 1.3500 support level remains critical and intact, easing selling pressure for now. Traders should watch if price can hold above this zone and breach the 1.3650 resistance to confirm further bullish momentum and potential continuation of the uptrend.

Today’s economic calendar features Germany’s GfK Consumer Confidence and the UK’s CBI Realized Sales released early afternoon Hong Kong time, both expected to have minimal impact on GBPUSD given the data is forecasted still in negative territory. Later, the Dallas Fed Manufacturing Index will be published during Hong Kong overnight hours without forecast, likely causing limited market movement. Overall, no major economic events today are expected to induce sharp volatility in GBPUSD, with the pair’s price action likely driven primarily by technical factors.

Resistance & Support

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