GBPUSD Bears in Control as Dollar Resilience Weighs on SterlingGBP/USDOANDA:GBPUSDultreosforexGBPUSD continues to slide as bearish pressure builds under a strong U.S. dollar backdrop. Despite occasional pauses, GBP/USD has struggled to regain footing, staying trapped in a clear descending channel. With sellers firmly defending key resistance zones, the next leg lower could test the 1.3000 handle if U.S. data remains supportive and the Bank of England keeps its cautious tone. Current Bias Bearish – GBP/USD remains under sustained downside momentum, with price action respecting the descending channel and lower-high structure. Key Fundamental Drivers U.S. economic resilience and persistent inflation are keeping Treasury yields elevated, supporting the dollar. The Bank of England has shifted to a wait-and-see stance, signaling no rush to adjust policy as growth weakens. Weak UK credit and mortgage data underscore the slowdown in domestic activity. Global risk appetite remains fragile amid geopolitical uncertainty, pushing investors toward safe-haven flows that favor the USD. Macro Context U.S. economy continues to outperform its peers, with consumer spending and services inflation holding firm. Fed officials have pushed back against rapid rate cuts, aligning with market pricing that sees easing only gradually into 2025. In contrast, the UK faces slowing growth and sticky core inflation, with the BoE balancing recession risks against still-high price pressures. The yield differential favors the dollar, while commodity and capital flows remain USD-positive. On the geopolitical side, tensions in the Middle East and weaker European data continue to weigh on risk sentiment and, by extension, on GBP. Primary Risk to the Trend A sharp downside surprise in upcoming U.S. data (such as ISM or NFP) could weaken the dollar and trigger a corrective rally in GBP/USD. Similarly, any unexpected hawkish tone from BoE policymakers could limit further downside. Most Critical Upcoming News/Event U.S. ISM Services PMI and Non-Farm Payrolls BoE member speeches and UK GDP data Fed Chair Powell’s commentary on policy trajectory Leader/Lagger Dynamics GBP/USD acts as a lagger within the USD complex — it typically follows EUR/USD’s direction and broader DXY momentum. Within GBP crosses, movements in GBP/USD often influence GBP/JPY and GBP/CHF but remain secondary to USD-led macro shifts. Key Levels Support Levels: 1.3100, 1.3000 Resistance Levels: 1.3250, 1.3450 Stop Loss (SL): 1.3270 (above upper channel resistance) Take Profit (TP): 1.3000 (major psychological and structural support) Summary: Bias and Watchpoints GBP/USD maintains a bearish bias, guided by the combination of BoE caution, weak UK macro data, and sustained U.S. dollar strength. The descending channel structure remains intact, favoring continued downside toward 1.3000, provided price stays below 1.3250. A break above that zone would invalidate the short-term bias and shift focus back to consolidation. Traders should keep stops around 1.3270 to protect against volatility, while the take profit near 1.3000 aligns with both technical confluence and the broader macro backdrop. All eyes remain on the upcoming U.S. ISM and jobs data, which could determine whether the next move accelerates the trend or triggers a temporary rebound.