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fxJul 6, 2026, 1:24 PM

GBP/USD Recovery Stalls Near 1.3400 Resistance

GBP/USD remains sideways for a second day as the recovery from recent lows encounters strong resistance near the 1.3400 zone, following a 1% weekly gain that triggered a bullish reversal pattern on the weekly chart.

GBPUSD

Cable is trading in a narrow range for the second consecutive session, with sellers pushing back near the key 1.3400 resistance level. The pair had rallied 1% last week, completing a reversal pattern on the weekly chart after the decline from the 1.3869 high was contained by an ascending trendline drawn from the 2022 low at 1.0348.

The close above that trendline generated a positive technical signal, but the current sideways price action suggests the recovery is running out of steam. Market participants are watching for a decisive break above 1.3400 to confirm further upside, or a failure that could trigger a pullback.

Source: FXStreet Forex News