GBPUSD – bulls face headwinds from key resistance but so far hold grip

Bulls show initial signs of fatigue on approach to key barrier at 1.3434 (2024 high of Sep 26) after repeated failure to hold gains above 1.3400 handle.

Strongly overbought conditions on daily chart signal that the recent rally of eleven straight days might be running out of steam.

Dips were so far shallow and near term action still lacks correction signal (minimum requirement will be today’s close in red) as traders hesitate to take stronger profit-taking.

Growing tensions on trade war and the latest story on Trump-Powell conflict are expected to continue to fuel bids, suggesting scenario of consolidation or shallow pullback, preceding fresh push higher.

Initial supports lay at 1.3355/00 (session low / last week’s highs) followed by 1.3207 (Apr 3 spike high) and 1.3183 (rising 10DMA).

On the flip side, sustained break of 1.3434 trigger to end larger range and signal continuation of an uptrend from 2025 low (1.2099).

Res: 1.3400; 1.3434; 1.3515; 1.3588
Sup: 1.3355; 1.3300; 1.3207; 1.3183