GBP/USD Price Forecast: Traders watch 1.3300 and 1.3500 as consolidation continues
GBP/USD is trading around 1.3410, remaining trapped within the range that has defined price action over the past four weeks.
The pair continues to oscillate between the key support zone near 1.3300 and the major resistance area around 1.3500, highlighting the market's indecision ahead of its next directional move.
Technical indicators on the 4-hour chart reinforce the neutral outlook. The Relative Strength Index (RSI) remains flat around the 50 midpoint, while the MACD hovers slightly below the zero line, suggesting that neither buyers nor sellers currently have a clear advantage.
Bulls attempted to regain control earlier this week but faced rejection near 1.3460. A decisive break above the broader 1.3485–1.3505 resistance zone, which has capped upside attempts since mid-May, could revive bullish momentum and expose the next target near the May 14 high at 1.3550.
On the downside, immediate support is seen around 1.3380, followed by the lower boundary of the range at 1.3300. A sustained break below this crucial floor could trigger a deeper correction toward the late March and early April lows near 1.3170.
With GBP/USD trading in the middle of its established range, traders may need to wait for a confirmed breakout before the pair reveals its next major trend.
