Is 1.3450 Becoming GBPUSD’s New Rejection Zone?GBP/USDOANDA:GBPUSDDomicChainaHello everyone, GBPUSD on the H4 timeframe is starting to weaken again after failing to hold above the 1.3450–1.3460 area. Price is currently trading around 1.3425, below both EMAs, suggesting that buyers still lack the momentum needed to re-establish a clear bullish trend. The reasons behind the current pressure are relatively straightforward: USD remains supported: Reuters reported that the US dollar is trading near a two-month high as Middle East tensions keep investors cautious, while US services-sector data remains resilient. UK economic data is softening: The UK Services PMI fell to 49.3 in May, slipping into contraction territory for the first time since April 2025, which continues to weigh on the pound. Major USD events ahead: Traders are closely watching Final Services PMI, ISM Services PMI, Factory Orders, and the Beige Book. Strong US data could provide additional support for the dollar. What comes next? Scenario 1: If GBPUSD remains below 1.3450–1.3460, I expect further downside toward 1.3400, followed by 1.3370–1.3350. Scenario 2: If price holds above 1.3400 and breaks back above 1.3460, GBPUSD could recover toward 1.3500–1.3520. Personally, I still favor a bearish move first, as the current H4 structure does not yet show convincing signs of buyer strength. For now, 1.3450 remains the key resistance, while 1.3400 is the short-term decision zone.