GBP/USD has repeatedly faced rejection near a key resistance

GBP/USD Structure British pound weakened to 1.3440 on Monday, reversing part of last week’s 0.6% gain, as renewed U.S. dollar strength and political uncertainty in France weighed on European markets the Bank of England has kept interest rates unchanged, and markets do not expect rate cuts until 2026, as inflation remains persistently high. This hawkish outlook continues to limit upside potential for GBP.

Technical Outlook:

From a technical perspective, GBP/USD has repeatedly faced rejection near a key resistance zone, indicating strong selling pressure at higher levels. The pair remains in a consolidation phase within a broader bearish trend. Although the pair is not yet positioned for a decisive move — partly due to reduced market activity — the current resistance zone could push the price lower, potentially retesting the next major support level near 1.3250.

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