GBP/USD Holds Support, but the Rate Story Has WeakenedGBP/USDOANDA:GBPUSDEvelyn_ReedGBP/USD is back at the 1.356–1.358 area after failing near 1.365–1.367. Technically, this is still a decent setup for buyers. The rising trendline is intact, and the pair has not broken the sequence of higher lows. The problem is that the fundamental backdrop is less helpful now. Markets have pushed expectations for the next Bank of England hike into 2027, with only a small chance of a move in September. Sterling slipped to around 1.358 as those expectations faded. At the same time, the dollar got some support from stronger U.S. data. Jobless claims fell to 203,000, and recent inflation data revived at least some discussion of another Fed hike. So this support test matters more than the last one. If 1.356–1.358 holds, the move back toward 1.365–1.367 still makes sense technically. If the zone fails, the market may be telling us that the previous GBP strength depended more on BoE tightening expectations than the chart suggested. The next catalyst is Jackson Hole and Kevin Warsh’s message on the Fed path. GBP/USD still has the structure, but the policy support behind it has become thinner.