The GBPUSD is trading above the 2025 high at 1.36314 and also above the February 2022 high at 1.3644, with the most recent peak reaching 1.3648. Buyers are making a push, and with momentum building, attention now turns to the next major resistance on the weekly chart (see chart above).

That key upside target is the 50% retracement of the decline from the 2014 high to the 2022 low, which comes in at 1.37683. Notably, the high from January 2022 at 1.37479 stalled just below that midpoint, reinforcing its importance as a resistance zone.

On the downside, support is now at 1.36158–1.36338, an area defined by swing highs dating back to June 5 (see red numbered circles on the below chart). As long as the price holds above this zone, the bullish bias remains intact and buyers stay in control. Moving below would be a disappointment for those buying on the break higher.