GBP/USD Technical Analysis

Note: This section contains information in English only.
Source: Dukascopy Bank SA
On the 4-hour chart, GBP/USD maintains a bullish structure as price continues to trade within a clearly defined ascending channel, currently positioned in the upper half of that range around 1.36241. The market continues to print higher highs and higher lows, reinforcing positive momentum, while the recent rebound from the channel's midline suggests buyers remain in control in the near term. The 100-period SMA, located near 1.35362, is sloping upward and continues to act as dynamic support, confirming the broader medium-term uptrend since price remains comfortably above it. Technically, immediate support is seen at 1.36015, a former resistance area that has now turned into support, and holding above this level keeps the bullish continuation scenario intact.



On the upside, resistance stands at 1.36500, which represents the recent local high and the next key breakout zone; a successful move above it could accelerate momentum toward 1.37500, aligning with the upper boundary of the ascending channel and serving as the primary bullish target. Recent candlestick behavior shows mild rejection wicks near 1.36300, indicating some short-term selling pressure, but the broader price action resembles a consolidation or bull flag formation following the strong rally seen in early May, which typically favors trend continuation. Overall, the technical outlook remains bullish while price holds above the 1.36000 region, with deeper support resting between 1.34800 and 1.35000 where the lower channel boundary and SMA converge; however, a sustained breakdown below that area would invalidate the current bullish structure and shift momentum toward a broader corrective phase.
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