GBP/USD price climbs above $1.3540 as bullish breakout eyes $1.3620 retest
GBP/USD holds above 1.3500 following breakout as bulls test resistance at 1.3560–1.3620
The British pound extended gains against the U.S. dollar on June 2, with GBP/USD trading near 1.3545 after a 0.75% intraday rise. The pair has broken out of a multi-session consolidation phase, clearing the prior resistance band between 1.3470 and 1.3500.
Key highlights
- GBP/USD broke above 1.3500 and is now consolidating near 1.3545 after a 0.75% daily gain.
- Trendline and Ichimoku support remain intact, with 1.3420–1.3480 now acting as key demand.
- Short-term momentum indicators suggest continued bullish bias, though 1.3560 remains immediate resistance.
Wedge breakout extends as bullish trend strengthens
On the daily chart, the pair remains above the mid-April ascending trendline, with last week’s breakout from a descending wedge pattern now showing follow-through strength. GBP/USD’s structure has flipped former supply zones into support, particularly near 1.3480. A clean break above the 1.3560–1.3620 barrier would mark a significant technical shift and open a path toward the July 2023 highs near 1.3770.
GBP/USD price forecast (Source: TradingView)
The 4-hour chart shows price consolidating just above 1.3530, with sellers appearing near 1.3560 but not yet disrupting the trend. The prior breakout area at 1.3420–1.3460 remains a key buffer if pullbacks occur.
Momentum and cloud indicators continue to support upside
Short-term momentum readings suggest the rally may pause but remain constructive overall. RSI on the 30-minute chart is at 60.07, while MACD is flattening, reflecting a temporary cooling of momentum. Stochastic RSI is rebounding from a dip, and the Chande Momentum Oscillator holds at 9.25. GBP/USD also trades above the Ichimoku Cloud on all lower timeframes, with the Tenkan-Sen and Kijun-Sen sloping upward and price supported above 1.3515.
Outlook for June 3: If GBP/USD holds above 1.3480–1.3500, further upside toward 1.3620 is likely. A daily close above 1.3560 would strengthen the bullish case. Failure to hold 1.3480 could trigger a retest of 1.3420 or even 1.3350 if sellers regain control.
Earlier forecasts highlighted the importance of the 1.3470–1.3500 region. With GBP/USD now holding above this zone, attention shifts to how the pair handles the 1.3560 ceiling. A break higher would confirm trend continuation toward 1.3770.
