GBP/USD, USD/CHF, Bitcoin Weekly Technical Outlook

British Pound Price Chart – GBP/USD 240min

Chart Prepared by Michael Boutros, Sr. Technical Strategist; GBP/USD on TradingView

Notes: Sterling is testing confluent support into the start of the week at the yearly open and the February low-day close (LDC) at 1.3465/74. Note that the 25% parallel of the July pitchfork converges on this region over the next few days and the focus is on possible inflection off this zone. A break / daily close below the 200-day moving average (currently ~1.3452) would threaten a test of broader uptrend support which converges on the 50% retracement of the June advance at 1.3408.

Weekly open resistance converges on the August channel line near 1.3527 with a breach / close above the July high at 1.3558 needed to suggest a more significant near-term low is in place and mark resumption of the uptrend. The next major technical hurdle is eyed near 1.36 where a cluster of Fibonacci levels converges on the 2025 May & August highs.     

Bottom line: GBP/USD is testing support at the monthly opening range lows with major event risk on tap this week. From a trading standpoint, rallies should be limited to 1.3527 IF price is heading for a break lower on this stretch with a close below the 200DMA needed to fuel the next leg of the decline.