Key Highlights
- GBP/USD started a fresh decline and traded below 1.3320.
- It traded below a bullish trend line with support at 1.3290 on the 4-hour chart.
- EUR/USD remained in a bearish zone below 1.1580.
- WTI Crude Oil prices are again moving higher above $98.00.
GBP/USD Technical Analysis
The British Pound faced rejection near 1.3480 against the US Dollar. GBP/USD started a fresh decline and traded below the 1.3320 support.
Looking at the 4-hour chart, the pair traded below a bullish trend line with support at 1.3290. It settled below the 1.3300 zone, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour).
The pair is now consolidating losses below 1.3280. Immediate support is seen near 1.3160. The first key support sits at 1.3120. A close below 1.3120 might call for heavy losses. In the stated case, it could even revisit 1.3000 in the coming days.
On the upside, the pair is now facing sellers near 1.3290. The first major resistance sits at 1.3320. A close above 1.3320 could open the doors for gains above 1.3250. In the stated case, the bulls could aim for a move to 1.3320.
Looking at Oil, the price is again moving higher, and the bulls could aim for more gains above the $105 level in the near term.
Upcoming Key Economic Events:
- UK GDP for Q4 2025 (QoQ) – Forecast +0.1%, versus +0.1% previous.
- UK GDP for Q4 2025 (YoY) – Forecast +1.0%, versus +1.0% previous.
