📊 USD/JPY Technical Analysis
26 Jun 2026
26 Jun 2026
📊 GBP/USD Price Forecast: Recovery Attempts Face Resistance Amid Bearish Market Structure
GBP/USD is trading slightly above the 1.3200 level during Friday's European session, extending its modest recovery for a second consecutive day. However, despite the recent bounce, the pair continues to face significant headwinds as the broader technical structure remains tilted to the downside.
A softer US Dollar has provided temporary support to the pair, but political uncertainty in the United Kingdom continues to limit bullish sentiment and prevent a stronger recovery.
📉 Bearish Structure Remains Intact
The recent breakdown below the key 1.3300 level reinforced bearish control and marked an important technical shift in market sentiment.
Adding to the negative outlook, GBP/USD has repeatedly failed to sustain gains above the 200-period Simple Moving Average (SMA) on the 4-hour chart, suggesting that sellers remain active on rallies.
As long as price remains below this moving average, the broader trend is likely to favor downside continuation.
📊 Momentum Indicators
Technical indicators currently paint a mixed picture:
RSI (14): Near 47, reflecting neutral momentum and consolidation conditions.
MACD: Slightly positive, with the MACD line trading above the signal line, suggesting mild bullish momentum.
While these indicators point to a potential short-term recovery, they remain insufficient to invalidate the dominant bearish trend that has been in place over the past two months.
🔴 Key Resistance Levels
1.3384 → 200-period SMA (major resistance)
1.3400 → Psychological resistance level
Above 1.3400 could trigger a broader recovery phase
A sustained break above the 200-period SMA would be required to ease bearish pressure and improve the medium-term outlook.
🟢 Key Support Levels
1.3200 → Immediate support zone
1.3140 → Recent swing low and key bearish target
Mid-1.3100s → Critical support area for the current structure
Failure to hold above these levels could accelerate downside momentum and reinforce bearish sentiment.
📈 Market Outlook
GBP/USD remains vulnerable despite the recent recovery attempt. The combination of political uncertainty in the UK and a technically bearish structure suggests that rallies may continue to attract selling interest.
Unless buyers can reclaim and hold above the 1.3384 resistance zone, the broader outlook remains bearish, with traders likely to focus on support levels around 1.3140 and below.
🎯 Trading Bias
• Short-Term: Neutral to Bearish 📉
• Medium-Term: Bearish 📉
• Key Resistance: 1.3384 🔴
• Key Support: 1.3140 🟢
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