GBP/USD Price Forecast: Depressed below 1.3500 on firmer USD; bullish potential intact

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GBP/USD meets with some supply and erodes a part of Monday’s gains to over a one-week high.
Geopolitical risks and Fed rate hike bets revive the USD demand, exerting pressure on the major.
The technical setup favors bulls and backs the case for the emergence of dip-buying at lower levels.

The GBP/USD pair struggles to capitalize on the previous day's strong move up to levels beyond the 1.3500 psychological mark, or a one-and-a-half-week high, and attracts some sellers during the Asian session on Tuesday. Spot prices currently trade near the 1.3485 region, down just over 0.10% for the day, amid a modest US Dollar (USD) strength.

Reports that US forces conducted self-defense strikes in southern Iran on Monday dampen hopes for a deal to end a three-month-old conflict in the Middle East. Furthermore, reviving inflationary fears bolster hawkish US Federal Reserve (Fed) expectations and help the safe-haven USD to regain positive traction following the previous day's decline to over a one-week low, exerting some pressure on the GBP/USD pair.

From a technical perspective, spot prices hold above the 200-period Exponential Moving Average (EMA) on the 4-hour chart and the 50.0% Fibonacci retracement level of the downswing from the monthly peak, keeping a mildly bullish tone. The constructive stance is supported by a moderately positive Relative Strength Index near 61 and a Moving Average Convergence Divergence (MACD) reading that remains in positive territory.

Momentum indicators hint that upside momentum is still in play, albeit without a strong overbought signal. In the meantime, immediate resistance is located at the 61.8% Fibo. retracement at 1.3517, followed by the 78.6% level at 1.3575, while the recent swing high at 1.3649 forms a more distant barrier.

On the downside, initial support is seen at the 50.0% retracement at 1.3476. This is reinforced by the 200-period EMA at 1.3460, with further cushions at the 38.2% level at 1.3435 and deeper Fibo. supports at 1.3384 and 1.3303 if the GBP/USD pair extends a corrective pullback.

(The technical analysis of this story was written with the help of an AI tool.)

GBP/USD 4-hour chart

US Dollar Price Today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the New Zealand Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.09%	0.13%	0.02%	0.04%	0.08%	0.32%	0.05%
EUR	-0.09%		0.07%	-0.06%	-0.03%	0.03%	0.25%	-0.04%
GBP	-0.13%	-0.07%		-0.13%	-0.10%	-0.04%	0.19%	-0.09%
JPY	-0.02%	0.06%	0.13%		0.02%	0.09%	0.29%	0.04%
CAD	-0.04%	0.03%	0.10%	-0.02%		0.08%	0.30%	0.02%
AUD	-0.08%	-0.03%	0.04%	-0.09%	-0.08%		0.22%	-0.06%
NZD	-0.32%	-0.25%	-0.19%	-0.29%	-0.30%	-0.22%		-0.28%
CHF	-0.05%	0.04%	0.09%	-0.04%	-0.02%	0.06%	0.28%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).