Price spent two weeks grinding lower from the mid-month high near 1.3558 into a 1.3273 base, before a sharp reversal — the hawkish BoE 6-3 vote drove a breakout back above the descending lower-highs and both EMAs on an expanded-range candle. It is now consolidating in the 1.3445-1.3470 zone below the 1.3515 barrier, with 1.3400 the near pivot.
Support: 1.3400, 1.3273
Resistance: 1.3515, 1.3558
What it said to watch
H4 close above the 1.3515 barrier opens the path toward the 1.3558 prior high
Failure to hold the 1.3400 pivot re-exposes the 1.3273 base low
ISM Manufacturing PMI Mon could shift the USD leg of this read
17:01 UTC
Rebound off lows, momentum up · RSI 60 · price 1.3467
Double bottom breakout above EMAs.
GBPUSD carved a double bottom near 1.3275 and has since ripped higher, clearing the 1.3335 base and both EMAs — the leg was fuelled by USD weakness after the soft US GDP/PCE prints and the hawkish-tilted BoE dissent. Price now stalls into the 1.3475 swing high with the 1.3515 barrier the next upside reference. ATR is expanding, consistent with the impulsive breakout, though the pullback into 1.3400 is testing whether buyers hold the round number.
Support: 1.3400, 1.3335, 1.3275
Resistance: 1.3475, 1.3515
What it said to watch
H4 close back below 1.3400 round number puts the breakout at risk of failure
A close above 1.3475 swing high opens the path toward the 1.3515 barrier
Oil / USD-JPY intervention headlines are the main near-term swing factors with no UK data scheduled
After rolling over from the mid-month 1.3558 high to a double-bottom base near 1.3273, price snapped higher and broke back above 1.3400, tagging 1.3470 before fading — a leg fuelled by broad USD softness after the soft US GDP/PCE prints. The last bar rejected 1.3468 and closed near 1.3416, back on the breakout level. ATR has expanded through the recovery, so the move is impulsive rather than compressive.
Support: 1.3400, 1.3330, 1.3273
Resistance: 1.3470, 1.3515, 1.3558
What it said to watch
H4 close back below 1.3400 negates the recovery and reopens the 1.3330 breakout base
Failure to reclaim 1.3470 keeps the swing high capping, with 1.3515 the barrier above
GBP between UK catalysts — oil/Mideast headlines and USD/JPY moves could shift this read
13:01 UTC
Reversal up off base, momentum cooling · RSI 57 · price 1.34165
Breakout above the 1.328-1.330 base, first pullback.
Price carved a double bottom around 1.328-1.330, then broke out hard on broad USD weakness after the soft US GDP/PCE prints flipped the tape. The advance stalled into 1.3470 and the last bar rejected sharply back to 1.3416, an early pullback within the fresh up-leg. Price holds above both EMAs but ATR is elevated, showing the reversal is still working through.
Support: 1.3400, 1.3288, 1.3273
Resistance: 1.3470, 1.3515
What it said to watch
H4 close back below 1.3400 negates the breakout and reopens the 1.3288 base
Close above 1.3470 swing high, then the 1.3515 barrier, extends the up-leg
US Chicago PMI / UoM sentiment today could shift this read
Price carved a double bottom near 1.3273 through mid-window before a sharp two-bar surge — coinciding with the BoE hawkish 6-3 hold and a softer USD tape — reclaimed the 1.3470 swing high zone. The move stalled just below that swing high, with spot now pinned at the 61.8% fib of the 1.3558-1.3273 decline. ATR(14) expanded into the rally and price sits above both EMA20 and EMA50, marking a shift from the prior downtrend.
Support: 1.3400, 1.32733
Resistance: 1.3470, 1.3515
What it said to watch
H4 close above 1.3470 swing high opens the path to the 1.3515 barrier
Failure to hold 1.3400 round number reopens the 1.32733 double bottom
US ECI and Michigan data in hours could reshape the USD side of this move
Price carved a double bottom around 1.3273 and reversed hard on the BoE hawkish-hold surprise (6-3 vote), the standout candle rallying from 1.3370 to 1.3470 before stalling. Move has stalled at the 61.8% retracement of the mid-month 1.3558-1.3273 decline, with 1.3476 capping and the 1.3400 psych level now underneath as pivot. ATR has expanded on the reversal leg, and price is back above both EMA20 and EMA50 for the first time in the window.
Support: 1.3400, 1.32733
Resistance: 1.34765, 1.3515, 1.35579
What it said to watch
H4 close above 1.3515 barrier opens the path back toward 1.3558
Failure to hold 1.3400 psych reopens the 1.3273 swing low
US ECI/Michigan today could shift the USD tape driving this move
Price spent two weeks grinding lower into a 1.3273-1.3350 base before a two-candle surge cleared the range top, driven by the hawkish 6-3 BoE hold and broad USD weakness after soft US GDP and cooling core PCE. The reclaimed 1.3350-1.3380 pre-decision zone now sits as support, with the post-BoE high at 1.3476 the immediate cap. ATR(14) expanded on the breakout after the prior compression, and both EMAs have flipped below price.
Support: 1.3355, 1.3284, 1.3273
Resistance: 1.3476, 1.3558
What it said to watch
Sustained hold above 1.3380 keeps the breakout intact; a close back below invalidates it and returns price into the base
1.3476 post-BoE high — area to watch for rejection or extension toward 1.3558
US ISM Manufacturing Mon Aug 3 and desks fading GBP strength could reshape this read
05:01 UTC
Reversal up off the lows, momentum firm · RSI 66 · price 1.34502
Double bottom at 1.3273, breakout underway.
Price reversed off the 1.3273 double bottom and ripped through 1.3450, the rally driven by a hawkish 6-3 BoE hold and broad USD weakness after soft US Q2 GDP and cooling core PCE. It now sits on the 61.8% retrace of the 1.3558-1.3273 down-leg, capped just under the 1.3476 post-BoE high, with ATR(14) expanding as the move extends. Both EMAs are now below price after the swing.
Support: 1.3350, 1.3300, 1.32733
Resistance: 1.34765, 1.35579
What it said to watch
H4 close above 1.3476 opens the path back toward the 1.3558 month high
Failure to hold the 1.3350 pre-decision zone reintroduces downside toward 1.3273
US ECI / ISM ahead could shift the USD side and this read
Sterling rallied sharply off the 1.3273/1.3280 double bottom, clearing the 1.3380 consolidation cap after the hawkish BoE hold met a soft US GDP print. Price is now pressing the 61.8% retrace of the mid-July slide near 1.3449-1.3470, with ATR(14) expanding as the move extends. The rebound has flipped price back above both the EMA20 and EMA50.
Support: 1.3380, 1.3280
Resistance: 1.3470, 1.3558
What it said to watch
Sustained H4 close above 1.3470 opens the path to 1.3520-1.3558
Failure to hold 1.3380 negates the breakout and reopens the 1.3280 base
US ECI/UoM data today could shift the USD-side driver
01:01 UTC
Downtrend reversing, momentum up · RSI 65 · price 1.34605
Breakout from multi-day base.
Price based twice near 1.3273/1.3288 through last week's range and then broke out sharply, reclaiming the 1.3380 shelf that capped prior attempts. The impulse is largely USD-side after the US GDP miss and soft PCE, with the hawkish BoE hold adding a firm GBP undertone. Rally now sits into the 61.8% retracement of the 1.3558-1.3273 decline; EMA20 has crossed above EMA50.
Support: 1.3380, 1.3288, 1.3273
Resistance: 1.3470, 1.3558
What it said to watch
A close back below 1.3380 negates the breakout and reopens the 1.3288 base
1.3558 swing high is the area to watch for rejection or a break higher
US ECI (12:30 GMT) and UoM inflation expectations (14:00 GMT) are USD-led risks that could shift this read