GBP/USD Price Action Forecast: Bulls Eye Fresh Upside as 1.35007–1.34540 Key Support Holds

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GBP/USD Price Action Forecast: Can Key Support Trigger the Next Bullish Move?

GBP/USD continues to show a bullish higher-timeframe structure, with both the weekly and daily charts supporting the possibility of further upside.

The weekly chart remains in an established bullish trend, with price potentially forming a Higher Low (HL) around a major support area. Price is also retesting a previous head-and-shoulders neckline and a key previous structure point, adding further confluence around the current area.

Meanwhile, the daily chart is showing bullish rejection from support while maintaining its broader bullish structure.

With price also trading above the 50 EMA on both timeframes, the 1.35007–1.34540 support zone could become the key area determining GBP/USD's next directional move.

Key Takeaways:

Weekly Bullish Structure: GBP/USD remains in a clear weekly uptrend and could be forming another Higher Low (HL).
Bullish EMA Confluence: Price remains above the 50 EMA on both the weekly and daily charts.
Major Support Zone: The 1.35007–1.34540 area is an important Weekly and Daily support zone.
Weekly Structure Retest: Price is retesting a previous head-and-shoulders neckline and an important previous structure point.
Trade Scenarios: Holding above support keeps 1.36325 in focus, while a confirmed breakdown could expose 1.33450.

GBP/USD Price Action Forecast: What Is the Current Price Action Telling Us?

Weekly Chart: GBP/USD Bullish Trend Remains Intact

Weekly Timeframe Price Action Analysis. Price retesting Weekly and Daily Support And HAS Neckline

The GBP/USD weekly chart continues to trade within a clear bullish market structure.

Price is currently pulling back toward a major Weekly and Daily support area and could be developing another Higher Low (HL).

If buyers continue defending this area, the Higher Low would reinforce the existing bullish structure and could provide the foundation for another continuation higher.

Weekly Timeframe Price Action Analysis

Additional confluence comes from price retesting the neckline of a previous head-and-shoulders structure, alongside an important previous structure point. These overlapping technical levels increase the significance of the current support area.

Another important confirmation is price's position relative to the weekly 50 EMA. GBP/USD remains above the moving average, supporting the broader bullish trend.

Bullish candlestick confirmation around the support area also suggests that buyers are beginning to respond.

Weekly chart observations:

Trend: GBP/USD remains in a clear weekly bullish trend.
Higher Low: Price is potentially forming a Higher Low (HL), supporting bullish continuation.
Support: Price is retesting a major Weekly and Daily support area.
Head-and-Shoulders Neckline: Price is retesting the previous neckline, which could now act as support.
Previous Structure: Price is also retesting an important previous structure point.
50 EMA: Price remains above the weekly 50 EMA.
Price Action: Bullish candlestick confirmation suggests buyers are defending support.

Daily Chart: Buyers Continue to Defend Key Support

Daily Timeframe Price Action Analysis. Price Retesting Weekly and Daily Support level and 50 EMA

The daily chart provides additional bullish confluence.

GBP/USD remains in a clear daily bullish trend, with price continuing to trade above the daily 50 EMA.

More importantly, price is showing bullish rejection around support, indicating that buyers are responding to the current pullback.

The current reaction is also developing around the Weekly and Daily support zone, strengthening the technical importance of this area.

Daily Timeframe Price Action Analysis

A major support level holding within an established bullish structure can provide additional confirmation when combined with bullish rejection and price trading above the 50 EMA.

As long as the broader support zone continues to hold, the technical structure remains supportive of another potential move higher.

Daily chart observations:

Trend: GBP/USD remains in a clear daily bullish trend.
50 EMA: Price continues to trade above the daily 50 EMA.
Support Rejection: Bullish rejection suggests buyers are defending the current support area.
Key Support: Price is trading around the Weekly and Daily support zone.
Confluence: Market structure, support, the 50 EMA, and bullish rejection currently favor the bullish scenario.

What Is the Best GBP/USD Price Action Setup Right Now?

Rather than predicting GBP/USD's next move, traders can monitor how price reacts around the 1.35007–1.34540 Weekly and Daily support zone.

This area is important because it could determine whether the current pullback develops into a Higher Low or whether sellers gain enough momentum to invalidate the bullish setup.

Bullish Scenario

Daily Timeframe Price Action Analysis. Bullish Bias Anticipation

The primary bullish scenario requires GBP/USD to hold the 1.35007–1.34540 support zone and provide clear bullish confirmation.

Ideally, price should retest the area, reject lower prices, and close back above support before continuation is considered.

A potential confirmation sequence could look like:

Retest → Bullish Rejection → Candlestick Confirmation → Entry

Bullish trade Idea:

Daily Timeframe Price Action Analysis. Bullish Take Profit and Stop-loss Placement

Key Support: 1.35007–1.34540
Target: 1.36325
Stop-Loss: Below the confirmed support structure
Confirmation: Bullish candlestick rejection after a successful retest
Additional Confluence: Weekly Higher Low, head-and-shoulders neckline retest, previous structure-point retest, and price trading above the 50 EMA

Note: The bullish scenario currently carries stronger technical confluence because it aligns with both the weekly and daily bullish trends. Confirmation around the support zone remains important before considering continuation.

Bearish Scenario

Daily Timeframe Price Action Analysis. Bullish Take Profit and Stop-loss Placement

The alternative scenario develops if GBP/USD breaks decisively below the 1.35007–1.34540 support zone.

A break alone would not necessarily provide enough confirmation.

Ideally, price would close below the support zone, retest it from underneath, and show bearish rejection. This would indicate that previous support is beginning to act as resistance.

A potential confirmation sequence could look like:

Breakdown → Retest → Bearish Rejection → Candlestick Confirmation → Entry

Bearish trade Idea:

Daily Timeframe Price Action Analysis. Bearish Bias Anticipation

Key Support: 1.35007–1.34540
Target: 1.33450
Stop-Loss: Above the confirmed resistance structure
Confirmation: Bearish candlestick rejection following a confirmed breakdown and retest
Invalidation: A strong recovery back above the support zone would weaken the bearish setup

Note: The bearish scenario currently carries lower technical confluence because it would move against the prevailing weekly and daily bullish structures. A confirmed breakdown and retest of support would therefore be important before considering a deeper move lower.

Final Take

GBP/USD remains bullish from a higher-timeframe perspective, with both the weekly and daily charts maintaining bullish market structures.

The combination of a potential weekly Higher Low, bullish candlestick confirmation, price trading above the weekly and daily 50 EMA, a head-and-shoulders neckline retest, and a previous structure-point retest creates multiple layers of bullish confluence.

The 1.35007–1.34540 support zone is now the key area to monitor.

If buyers successfully defend this zone and bullish confirmation develops, 1.36325 becomes the next potential upside target.

However, if GBP/USD breaks below 1.34540, successfully retests the area as resistance, and produces bearish confirmation, the technical picture could weaken and bring 1.33450 into focus.

For now, the higher-timeframe structure favors buyers — but confirmation at the key level should come before execution.

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Trading forex and derivative instruments involves substantial risk and may not be suitable for all individuals. Only use funds that you are prepared to lose. It is important to understand how these markets work and the risks involved before trading, and to seek independent financial advice if needed. All market analysis and insights shared are intended for educational and informational purposes only and should not be considered financial or investment advice. September 7, 2026.

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