26.06.202612:05 Forex Analysis & Reviews: GBP/USD Price Analysis and Forecast: Technical Conditions Continue to Favor Sellers

The GBP/USD pair has posted gains for a second consecutive day, although bulls still lack the conviction needed to sustain a stronger advance. The U.S. dollar remains under pressure after failing to hold near the yearly high reached on Thursday, a level last seen in May 2025. This is providing support for GBP/USD.

Nevertheless, political uncertainty in the United Kingdom is discouraging traders from making aggressive purchases of the British pound and is limiting the pair's upward potential. Moreover, technical indicators continue to favor sellers, warranting caution regarding any recovery from the 1.3140 level, the low recorded on Wednesday.From a technical perspective, the pair's recent failure to break above the 200-period Simple Moving Average (SMA) on the 4-hour chart, combined with this week's decline below the 1.3300 level, has provided significant bearish signals. Meanwhile, the Relative Strength Index (RSI) remains near the 50 mark, indicating consolidation rather than a clearly defined trend.

The MACD histogram remains slightly above the signal line and is approaching the zero level. This points to weak bullish momentum, which is not yet strong enough to reverse the sustained downward trend that has characterized GBP/USD over the past two months.

As for resistance levels, the nearest resistance is located at the 50-period SMA, followed by the 100-period SMA. However, the key level required to weaken the broader bearish outlook and pave the way for a more confident recovery is the 200-period SMA near 1.3382, which bulls will need to overcome.

Intraday pullbacks, in turn, are likely to be driven more by price action than by clearly defined structural support levels.

The 1.3110–1.3115 level currently serves as support until new technical reference levels emerge.

The table below shows the percentage change in the U.S. dollar against major currencies today. The U.S. dollar posted its strongest gains against the Australian dollar.