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GBP/USD Price Forecast: Refreshes six-week high above 1.3500

Source Fxstreet

GBP/USD rallies further to near 1.3515 amid risk-on market mood in the wake of US-Iran optimism.
US President Trump said that the other side of Iran wants a deal “very badly”.
Investors await BoE Bailey’s comments for fresh cues on the UK interest rate outlook.

The Pound Sterling (GBP) extends its rally to near 1.3515 against the US Dollar (USD) during the Asian trading session on Tuesday. The GBP/USD pair strengthens as the market sentiment remains favorable for riskier assets amid positive commentary from United States (US) President Donald Trump and Vice President JD Vance over negotiations with Iran regarding a permanent ceasefire.

During the press time, S&P 500 futures trade flat after surging over 1% on Monday, reflecting that the broader market mood is risk-on. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, posts a fresh six-week low near 98.30.

US President Trump said in a press conference on Monday, “We've been called by the other side, and they want to make a deal very badly,” adding that the blockade on Iranian ports had started.

Earlier in the day, US VP Vance said in an interview with Fox News that negotiations with Iranian delegates in Pakistan were “productive”, but it is upto Iranians to take the next step.

On the domestic front, investors await remarks from Bank of England (BoE) Governor Andrew Bailey, who is scheduled to participate in a panel discussion at Columbia University at 16:05 GMT.

GBP/USD technical analysis

GBP/USD trades higher at around 1.3515 as of writing. The pair holds a constructive bullish bias as spot delivers a breakout of the key resistance zone around 1.3500.

The price holding above the 20-day exponential moving average (EMA), which is at 1.3373, suggests that the recent rebound remains underpinned.

The Relative Strength Index (RSI) strives to break into the 60.00 above zone, hinting that buyers still retain near-term control while the latest climb extends away from the short-term trend line.

On the downside, initial support is located at the 20-day EMA around 1.3373, where a break would undermine the immediate bullish structure and open the door to a deeper correction. As long as GBP/USD holds above this moving average, dips are likely to attract buying interest, with momentum conditions favoring a continuation of the advance towards the February 26 high at 1.3575, followed by the February 11 high of 1.3713.

(The technical analysis of this story was written with the help of an AI tool.)

Economic Indicator

BoE's Governor Bailey speech

Andrew Bailey is the Bank of England's Governor. He took office on March 16th, 2020, at the end of Mark Carney's term. Bailey was serving as the Chief Executive of the Financial Conduct Authority before being designated. This British central banker was also the Deputy Governor of the Bank of England from April 2013 to July 2016 and the Chief Cashier of the Bank of England from January 2004 until April 2011.

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