By Analytical Department RoboForex
GBP/USD held at 1.3528 on Thursday following an overnight decline. The pound remains under pressure, close to its lowest levels since late April, amid media reports of a potential leadership contest within the ruling party. According to The Times, British Health Minister Wes Streeting is preparing to launch a campaign against Prime Minister Keir Starmer.
Despite pressure from parts of the government and more than 80 Labour Party MPs, Starmer has reiterated that he does not intend to resign following the party’s weak performance in the local elections. The cabinet composition remains largely stable, despite a few resignations from junior ministers.
External factors continue to weigh on the pound. Talks between the US and Iran remain inconclusive, while restrictions in the Strait of Hormuz keep oil prices elevated. Against this backdrop, the market continues to price in nearly three Bank of England rate hikes by the end of the year.
Investors are also awaiting the release of new UK macroeconomic data, including first-quarter GDP figures.
Technical Analysis
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
On the H4 chart, GBP/USD is trading within a broad consolidation range above 1.3515, currently extending up to 1.3530. A move lower towards 1.3480 is possible. After this, the pair may consolidate before attempting a move higher towards 1.3650 or a further decline towards 1.3340. The MACD indicator supports this scenario, with its signal line below zero and pointing firmly downwards.
On the H1 chart, GBP/USD is trading within a compact consolidation range around 1.3515, currently extending down to 1.3483. A rebound towards 1.3530 (testing from below) is possible, followed by a potential move lower towards 1.3480. The Stochastic oscillator confirms this scenario, with its signal line below 50 and pointing firmly downwards towards 20.
Conclusion
GBP/USD remains under dual pressure from domestic political uncertainty and global economic risks. Further weakness in the pound is possible if leadership concerns and geopolitical tensions persist, while UK GDP data may act as a short-term catalyst for volatility.
Disclaimer
Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.
- Gold Falls for the Third Consecutive Week: Is There Still Upside Potential? Jun 22, 2026
- Bank Indonesia raised its interest rate. Norges Bank and the SNB left rates unchanged Jun 19, 2026
- EUR/USD Loses Ground as Market Sentiment Favours the US Dollar Jun 19, 2026
- GBPUSD Awaits Bank of England Meeting Near April Lows Jun 18, 2026
- Markets disliked the results of the FOMC meeting. HKMA followed the Fed and kept its rate unchanged. Jun 18, 2026
- Gold Surges 2% Since Week Opening Amid Geopolitical Shifts and Fed Expectations Jun 17, 2026
- Your Bourse and FXPRIMUS Bring 24/7 Synthetic Indices to the Global Broker Market Jun 16, 2026
- Institutional investors continue to reduce their presence in metals Jun 16, 2026
- USDJPY Driven by Emotions: Bank of Japan Raises Rate to Highest Level Since 1995 Jun 16, 2026
- The United States and Iran have signed a peace agreement – oil has fallen to 80 dollars per barrel. Jun 15, 2026
