GBP/USD price loses momentum near $1.355 as short-term correction builds
GBP/USD is trading near 1.3495 on June 3 after facing strong resistance at the 1.3550 – 1.3565 zone, with price action beginning to lean bearish in the short term. The pair has shown signs of downside exhaustion, but failure to hold above the key moving average cluster has exposed it to a corrective pullback.
Key highlights
- GBP/USD slips below 1.3500 after rejection at 1.3550–1.3565 resistance, weakening near-term structure.
- Short-term bearish momentum grows, with RSI falling to 36 and MACD sloping downward.
- Support lies at 1.3480 and 1.3430, while only a break above 1.3550 may revive bullish potential.
Intraday structures suggest weakening bullish momentum, even as the broader trend remains intact on higher timeframes.
Short-term trend turns cautious despite longer-term uptrend
On the 4-hour chart, GBP/USD has failed to break through the 20/50 EMA resistance cluster and is now forming lower highs. The pair is testing support near 1.3480, with a deeper liquidity pool seen around 1.3435–1.3450. A breach of this region may lead to a sharper move toward 1.3370.
GBP/USD price dynamics (Source: TradingView)
RSI on the 30-minute chart has dipped to 36.33, and MACD indicators are pointing downward, reflecting early bearish divergence. While the Stochastic RSI is nearing oversold territory, Ichimoku analysis suggests a breakdown below the cloud base near 1.3490 could accelerate the downside.
Medium-term structure holds, but key levels must hold
Despite the intraday pressure, daily and weekly charts still show GBP/USD within a broader bullish channel. The long-term 200 EMA rests near 1.3337, well below current levels. The pair continues to face resistance from a fib-based ceiling around 1.3600. Price would need to hold above 1.3430 to preserve the long-term bullish case. Failing that, a bearish reversal could develop in June.
Outlook for June 4: GBP/USD is expected to trade between 1.3430 and 1.3520, with bearish bias prevailing unless bulls reclaim 1.3550. A daily close above this level is needed to resume upward momentum, while failure to hold 1.3430 could deepen the correction toward 1.3370.
In prior analysis, GBP/USD was testing the 1.3560 level with bullish continuation signs. However, this week’s rejection confirms growing seller pressure, with price now retracing below the 20/50 EMA cluster. The focus shifts to whether buyers can defend the 1.3430 zone to prevent a deeper reversal.
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