The GBP/USD rally is showing signs of fatigue near major resistance at 1.3430–1.3500, with momentum fading and key support at 1.3230 now under close watch, Société Générale's FX analysts note.
"GBP/USD up move has stalled at the peak of last year and the upper limit of an ascending channel drawn since 2023 near 1.3430/1.3500. Daily MACD has dipped below its trigger line highlighting receding upward momentum. A brief pause is taking shape after this test."
"Recent pivot low of 1.3230 is likely to be an important support. If this is breached, GBP/USD could embark on a deeper down move towards March high at 1.3070/1.3010. Overcoming 1.3500 would be crucial to confirm a larger uptrend."