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Today, Thursday, during the European session, the GBP/USD pair halted its decline.
However, the fundamental situation indicates that the path of least resistance for spot prices remains downward, although the bears are showing some hesitation ahead of the important meeting between US President Donald Trump and Chinese President Xi Jinping.
On the other hand, the British pound continues to struggle to attract significant buying interest, due to the cautious stance of the Bank of England, which is leaning toward keeping current rates unchanged or gradually lowering them amid concerns about stagflation.
The mixed UK business activity report released on Wednesday is also prompting pound bulls to remain on the sidelines, contributing to continued weak sentiment toward the pair. In conclusion, differences in expectations regarding Fed and Bank of England policy support a negative short-term outlook for this currency pair and indicate the potential continuation of the sustained downward trend observed over the past month.
From a technical perspective, the GBP/USD pair retains a bearish bias, remaining below the 100-day simple moving average (SMA). The nearest support level is 1.3222, followed by the round level of 1.3200. The key support level remains the yearly low at 1.3136, which is important for any further decline.
As for potential upside, the nearest resistance is at 1.3260, followed by the round level of 1.3300. Above this level lies a strong resistance zone formed by the 100-day SMA. The oscillators are negative, confirming the bears' advantage in the market. However, the Relative Strength Index is in oversold territory, indicating a potential correction.
The table below shows the percentage change in the US dollar against the major currencies for the current week. The most significant increase was recorded against the British pound.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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