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30.05.2025 01:24 PM
The GBP/USD pair is attracting new sellers following its recent rebound from the 1.3415 level, amid modest gains in the U.S. dollar.
However, today, the potential for further downside appears limited as traders await the release of the U.S. Personal Consumption Expenditures (PCE) Price Index. Today's market reorientation is helping the dollar regain positive momentum after Thursday's sharp pullback, exerting pressure on GBP/USD. Nevertheless, expectations for Fed rate cuts in 2025 and concerns over the U.S. fiscal outlook may cap dollar gains. Meanwhile, speculation that the Bank of England will hold rates steady at its next meeting on June 18 could provide support for the British pound.
From a technical perspective, hourly chart oscillators, particularly the Relative Strength Index (RSI), are gaining negative momentum, confirming the likelihood of further intraday decline. However, this pullback could present a buying opportunity in the 1.3425–1.3415 zone. A break below this area could trigger technical selling, paving the way for deeper losses.
On the other hand, bulls will need to wait for sustained strength and acceptance above the psychological 1.3500 level before considering fresh long positions. A move above this level could open the path toward the next key resistance around 1.3552, and subsequently the 1.3600 round figure. Buying above this level could act as a new trigger for bulls. Even daily chart oscillators remain in positive territory, indicating that the long-term uptrend remains intact.
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