GBPUSD – Choppy Below Resistance, Risk of Renewed Weakness

Jun 10

On the H4 chart, GBPUSD is trading within a narrow range, fluctuating between 1.35740 and 1.34880. Each upward attempt toward the resistance zone has been quickly rejected. The price structure shows lower highs forming, while support areas are gradually moving lower.

The EMA34 and EMA89 are starting to flatten out, indicating the main trend is becoming increasingly unclear. If the price breaks below the 1.34880 level, a clear downtrend will be confirmed, and the scenario of a return to the long-term trendline becomes more plausible.

The key upcoming event is the U.S. CPI report, expected within the next 24 hours. If the data shows inflation remains high, the Fed will have less incentive to cut interest rates, potentially boosting the USD and putting downward pressure on GBPUSD.

Jun 10

Trade active

Jun 11

Note