GBP/USD stalls near key channel resistance – Société Générale

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.

Momentum fades as MACD turns lower

"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."