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GBP/USD Faces Pressure Amid Modest USD Strength, Eyes Key Support Levels

Elena by Elena
07/05/2025
in News
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The GBP/USD pair faced selling pressure during Wednesday’s Asian session, eroding part of the weekly gains it had made over the past two days. Spot prices dropped to the 1.3400 mark, influenced by a modest recovery in the US Dollar (USD), and briefly slipped below the mid-1.3300s towards the session’s close.

Technically, the GBP/USD pair showed resilience earlier this week, holding near the 1.3250-1.3245 support level and bouncing off the 100-period Exponential Moving Average (SMA) on the 4-hour chart. Oscillators on both daily and hourly charts remain in positive territory, suggesting that any further decline may present a buying opportunity near the 1.3300 level, with further drops potentially limited.

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However, a decisive break below the 1.3250-1.3245 support could open the door for a deeper correction. Such a move could extend the decline from last month’s multi-year highs in the mid-1.3400s, with potential targets near the 1.3200 mark, followed by the 1.3170-1.3165 support zone. If the bearish momentum continues, the pair could eventually test the 1.3100 round figure.

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On the upside, any move beyond the 1.3400 level may face resistance near the 1.3445 region, the multi-year peak. A sustained break above this level could trigger renewed bullish momentum, paving the way for a move toward the 1.3500 psychological barrier. Further gains could extend the pair’s rise towards the 1.3570-1.3575 region and the key 1.3600 level.

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Elena

Elena

Elena, a seasoned foreign exchange trader with a proven track record in the dynamic world of currency markets, brings a wealth of expertise and professionalism to the financial realm. With an extensive background spanning over a decade, she has honed her skills in analyzing global economic trends and implementing strategic trading solutions. Known for her meticulous attention to detail and analytical prowess, Elena has navigated through volatile market conditions with finesse, consistently delivering impressive results for her clients. Her comprehensive understanding of macroeconomic indicators, coupled with a keen awareness of geopolitical events, allows her to make informed decisions that optimize trading portfolios. Elena's commitment to staying ahead of the curve is evident in her continuous pursuit of knowledge and mastery of cutting-edge trading technologies. Her disciplined approach to risk management ensures prudent investment strategies, instilling confidence in both colleagues and clients alike.

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