Consolidating below the May swing high after a stalled recovery.
Cable recovered from the late-March low near 1.3160 to a May peak at 1.3653, but the advance stalled and price has spent the last several weeks oscillating in a 1.3330–1.3465 band, sitting right on the 50% retracement of that rally. Price is back below both EMA20 and EMA50, with RSI hovering near the midline — a balanced, range-trading read after the May rejection. The stagflation narrative and stretched net shorts leave Sterling pinned near 1.3400 into the UK CPI and BoE double-header.
Support: 1.3330, 1.3160
Resistance: 1.3465, 1.3653
What it said to watch
UK CPI Wed 06:00 UTC and BoE/FOMC Thu are the defining catalysts for this range
Daily close above 1.3465 reopens the path toward the 1.3653 may high
Daily close below 1.3330 confirms a break of the range floor toward 1.3160
GBPUSD has been rangebound between 1.3300 and 1.3460 for roughly six weeks after April's failed push to the 1.3650 area. Price sits mid-range near the 50% retrace of the Feb-April swing, with EMA(50) on D1 flat-to-lower and capping recovery attempts. Each weekly poke at the 1.3460 range top has faded, leaving the pair coiled into this week's UK CPI/BoE and FOMC double-header.
Support: 1.3300, 1.3160
Resistance: 1.3460, 1.3500, 1.3650
What it said to watch
Daily close above 1.3460 breaks the range top and opens 1.3500
Close below 1.3300 confirms a range break lower toward the 1.3160 swing low
UK CPI Wed, FOMC Wed and BoE Thu could materially shift this read