GBP/USD May Hold on to Its Gains 2/9/2025

The GBP/USD pair posted strong gains in the first trading session of the week, supported by weakness in the US dollar, and reached a new high near the 1.3550 target.

Technical Outlook – 4-hour timeframe:

Intraday price action is showing a mild bearish bias as a result of profit-taking following the recent advance. However, the 50-period simple moving average continues to act as dynamic support, while the Relative Strength Index (RSI) is attempting to maintain bullish momentum within the broader uptrend.

Probable Scenario:

The 1.3460 level represents a key support zone in today’s trading. Holding above this level keeps the upside bias intact, with a confirmed break above 1.3550 opening the way for additional gains toward higher resistance levels. Conversely, a confirmed break below 1.3460 would revive selling pressure, exposing the pair to deeper pullbacks toward lower support areas.

Fundamental Note:

Today’s session includes high-impact US economic data, specifically the ISM Manufacturing PMI, which may generate sharp volatility in the pair.

Warning: Risks remain elevated amid ongoing trade and geopolitical tensions, and all scenarios should be considered.

Trading CFDs involves risks, and therefore all scenarios may be plausible. The information provided above is not a recommendation to sell or buy but rather an explanatory reading of price movement on the chart.

S1: 1.3440	R1: 1.3540
S2: 1.3375	R2: 1.3580
S3: 1.3340	R3: 1.3640