During late trading in Asia on Monday, the GBP/USD pair rose by 0.35%, hovering around 1.3460. The British pound, often referred to as “cable,” is continuing its upward trend for another week, fueled by improving market sentiment after a recent deal between the US and Iran.
At this moment, S&P 500 futures had increased by more than 1%, with Asian stock markets generally showing gains, indicating a robust appetite for risk among investors. The US Dollar Index (DXY), which measures the dollar against six primary currencies, fell by 0.4% to 99.40.
Pakistan’s Prime Minister Shehbaz Sharif informed followers on X (formerly Twitter) that the final Memorandum of Understanding (MoU) between the US and Iran is scheduled to be signed in Switzerland on June 19.
Meanwhile, investors seem to be preparing for a possibly turbulent week, particularly regarding the GBP, as the Bank of England’s (BoE) monetary policy announcement is expected to take center stage, along with various UK data releases, including the Labor Market Report for the quarter ending in April and May’s Consumer Price Index (CPI) data.
In the United States, all eyes will be on the Federal Reserve’s monetary policy announcement set for Wednesday.
GBP/USD Technical Overview
As the writing stands, GBP/USD is climbing around 1.3460. There appears to be a slight bullish sentiment in the short term, particularly since it is above the 20-period exponential moving average (EMA) at 1.3425.
The Relative Strength Index (RSI), resting around 53, is just above the midline, signaling steady upward momentum rather than a more aggressive push, as the pair seems to consolidate within that supportive environment.
Looking upward, the primary obstacle is the high point from May 26 near 1.3500, followed by a descending resistance trend line around 1.3580. On the downside, there is initial support close to the 20-EMA at 1.3425, while a key support area is located along the uptrend line near 1.3327.
(The technical analysis in this story was produced with assistance from AI tools.)
