GBP\/USD rose for a third session and traded near 1.3480 in early European hours on Tuesday. The short-term view stays mildly bearish, with price below the 50-day EMA but above the nine-day moving average, which is turning down.<\/p>\n
The daily chart keeps a bearish tone as the pair trades inside a descending channel. The 14-day RSI has lifted from near-oversold levels but remains below 50, pointing to weaker upside momentum.<\/p>\n
Immediate support is at the nine-day EMA at 1.3433. A break below it may open a move to the 1.3350 reversal zone, then the channel area near 1.3050 and the 11-month low at 1.3010.<\/p>\n
On the upside, the 50-day EMA at 1.3492 is the first barrier. A move above it may target the upper channel near 1.3590, and a break out could lead to a retest of 1.3869, the highest since September 2021, reached on 27 January.<\/p>\n
The technical analysis was produced with help from an AI tool.<\/p>\n
As we look at GBP\/USD today, March 10, 2026, the pair is struggling around the 1.2450 mark. The short-term picture remains fragile as we trade below the key 50-day moving average at 1.2510. This continues the pattern of lower highs we observed for much of late 2025.<\/p>\n
This technical pressure is reinforced by the latest economic data showing UK inflation easing to 2.1%, giving the Bank of England room to stay on hold. In contrast, the US jobs report from last week added a robust 250,000 positions, keeping the Federal Reserve on a much more hawkish path. This policy divergence has been a key theme since we saw the interest rate differential widen throughout 2025.<\/p>\n
For traders, the immediate focus is on the 1.2400 support level, which has held for the past week. A decisive break below this would likely signal another wave of selling, opening the door for a test of the 1.2250 zone from January. We see this as an opportunity to consider buying put options or establishing fresh short positions.<\/p>\n
On the other hand, any rallies appear to be corrective for now, with strong resistance waiting at the 1.2510 moving average. Only a sustained move above the significant 1.2675 resistance from last quarter would force us to reconsider the bearish bias. Such a break could trigger a short squeeze and make call options more attractive.<\/p>\n
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