Key Highlights
- GBP/USD started a fresh increase from the 1.3450 support zone.
- A rising channel is forming with resistance at 1.3660 on the 4-hour chart.
- EUR/USD could regain traction if it clears the 1.1750 resistance.
- USD/JPY is recovering and might climb toward the 159.20 zone.
GBP/USD Technical Analysis
The British Pound remained supported above 1.3450 against the US Dollar. GBP/USD formed a base and started a fresh increase above 1.3500.
Looking at the 4-hour chart, the pair settles above the 1.3520 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The recent swing low was formed at 1.3510, and the pair is now trading above the 38.2% Fib retracement level of the downward move from the 1.3657 swing high to the 1.3510 low.
On the upside, the pair faces resistance at 1.3595. The first major resistance sits at 1.3600 and the 61.8% Fib retracement level of the downward move from the 1.3657 swing high to the 1.3510 low.
The main resistance could be 1.3650. A close above 1.3650 could open doors for gains above 1.3680. In the stated case, the bulls could aim for a move to 1.3800.
Immediate support is seen near 1.3520. The next support could be 1.3500. A close below 1.3500 might push the pair toward 1.3450. Any more losses could initiate a fresh move to 1.3400 in the coming days.
Looking at EUR/USD, the pair is attempting a fresh increase, and a close above 1.1750 could trigger steady gains.
Upcoming Key Economic Events:
- UK Services PMI for April 2026 – Forecast 52.0, versus 52.0 previous.
- US ADP Employment Change for April 2026 – Forecast 99K, versus 62K previous.
