Pound Sterling Price News and Forecast: GBP/USD below 1.3380, GBP is likely to range-trade

💡 DMK Insight

GBP’s near-term upside looks promising, but 1.3505 is a crucial resistance level. Traders should be cautious as this level has held firm, suggesting that a breakout might require strong bullish sentiment or supportive economic data. If GBP can push through 1.3505, it could signal a more sustained rally, potentially targeting levels not seen in recent months. However, if it fails to break above this resistance, we might see a pullback, especially if broader market sentiment shifts or if economic indicators from the UK disappoint. Keep an eye on upcoming economic releases that could influence GBP’s momentum. The flip side is that if GBP struggles at this level, it could lead to increased selling pressure, impacting correlated assets like EUR/GBP. Watch for any signs of reversal or consolidation around this resistance, as it could provide clues for your next move.