GBP/USD Near April High with 1.3590 Acting as Key Resistance

GBP/USD is currently trading just below the April high around 1.3590, as markets wait for a strong trigger. The pair is facing pressure from US dollar strength driven by geopolitical tensions. However, interest rate hike expectations from BOE is supporting the pound. Any positive development from the Iran war will decrease the energy risk faced by Europe and will have a positive impact on the pound, pushing GBP/USD higher.

Technically, price is trading near the 1.3530–1.3550 area, with 1.3590 as the key upside level. A break above this area could push the pair higher toward 1.3700s. On the downside, 1.3480 is the key support, and a break below it could lead to further decline toward 1.3400.

GBP/USD Daily Chart

Bottom line: GBP/USD remains headline-driven, with 1.3590 resistance and 1.3480 support acting as the key levels to watch.