GBPUSD has been range-bound since early April, oscillating between the 1.3395 range floor and the 1.3565 april high, capped by a series of lower highs. Price has eased back toward the floor and the 50% retrace of the late-March-to-April recovery near 1.3406, with GBP soft on weak UK PMIs and the Dollar firm near two-month highs. EMA(50) has flattened, consistent with the multi-week consolidation; the broader 1.3653 swing high remains the upper boundary.
Support: 1.3395, 1.3315, 1.3176
Resistance: 1.3465, 1.3565, 1.3653
What it said to watch
D1 close below 1.3395 range floor confirms a lower low, exposing the 1.3315 prior low and then the 1.3176 march low
Close above 1.3465 pivot reopens the 1.3565 april high
Lower highs since late Jan, basing into 1.3400 support shelf.
GBPUSD has been carving lower highs since the late-January peak near 1.3810, with price grinding down through EMA(20) and EMA(50) on D1. The last three weeks have base-built around the 1.3400 psych shelf, with the late-April low at 1.3175 untested and a tentative double bottom forming against the 1.3315 swing low. RSI(14) sits in the low 40s — neutral, neither confirming continuation nor signalling exhaustion.
Quarter-long downtrend from the late-January 1.3814 high, with a clear chain of lower highs through March, April and May capped most recently near 1.3660. Price has stalled in a tight consolidation around 1.3400 over the last five sessions, sitting below both EMA20 and EMA50 with RSI hovering in the low 40s. Range is compressing into a falling wedge shape, suggesting momentum on the downside is fading even as structure remains bearish.
Support: 1.3400, 1.3315
Resistance: 1.3500, 1.3565, 1.3660
What it said to watch
Daily close below 1.3400 swing low confirms continuation toward the 1.3315 prior low
Daily close back above 1.3500 psych level breaks the wedge and opens a retest of EMA50 near 1.3565
Iran headline risk could materially shift this read via USD safe-haven flows