GBP/USD price consolidates below $1.353 as bulls lose momentum near key resistance
GBP/USD compresses near 1.3470 with momentum slowing below 1.3530 resistance zone
GBP/USD is trading in a tightening range as price action pulls back from recent highs and hovers near a critical demand zone. As of June 11, the pair is fluctuating around the $1.3470 mark, just below short-term resistance at $1.3530. This comes after a strong bullish leg that pushed the pair toward $1.3595, a level that has since acted as a firm supply ceiling.
Key highlights
- GBP/USD trades around 1.3470, holding inside a 1.3440–1.3480 demand zone after failing near 1.3595
- Momentum indicators turn mixed with RSI under 54 and flat MACD histogram signaling weak bullish drive
- Bollinger Bands tighten, pointing to a possible breakout as price compresses below 1.3530 resistance
Price structure on the daily chart remains intact, with higher lows extending from March and April still in place. However, intraday developments reveal short-term fatigue. The pair has fallen below a descending trendline and is now confined within a compression pattern between 1.3440 and 1.3530. Unless buyers reclaim the 1.3530 level, upside conviction will remain subdued.
Momentum slows as compression builds around resistance
Repeated intraday rejections near 1.3530–1.3550 continue to weigh on bullish sentiment. A brief rebound from 1.3465 earlier in the session failed to generate follow-through, leaving the pair beneath its descending pressure line. The 30-minute RSI remains just below 54, indicating indecision, while MACD shows a weak bullish crossover with minimal momentum buildup. Traders appear reluctant to push price higher without clear catalysts.
GBP/USD price dynamics (Source: TradingView)
On the 4-hour chart, Bollinger Bands have tightened, suggesting a volatility breakout could occur soon. Price is pinned below the mid-band and between the 50- and 100-period EMAs, highlighting the 1.3500–1.3530 area as a significant resistance cluster. Should this band break, the next targets lie near 1.3600 and potentially 1.3650. On the downside, the 200 EMA at 1.3396 remains a vital support level to watch if bearish pressure resumes.
Ichimoku and stochastic indicators suggest limited upside
The Ichimoku Cloud on lower timeframes presents a neutral view, with price trapped inside the Kumo and both Tenkan and Kijun lines beginning to flatten. This suggests the market lacks clear trend strength at current levels. Meanwhile, Stochastic RSI is hovering above 96, reflecting overbought conditions that could trigger a pullback or extended consolidation before a more decisive move develops.
In prior GBP/USD analysis, we highlighted the breakout above April’s resistance and the formation of higher lows. Since then, the pair rallied toward 1.3595, but now shows signs of exhaustion below key supply. The current 1.3440–1.3530 range will likely dictate whether the pair can extend its bullish structure or shift into a broader correction.
