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Published: 12 October 2026,05:16
Daily Market Analysis New
*GBP/USD extended its gains for a third consecutive session, trading around the mid-1.3200s as softer U.S. Treasury yields weighed on the dollar.
*UK Chancellor John Healey’s commitment to fiscal discipline ahead of the October 28 Budget provided additional support for the British Pound.
*Despite recent gains, GBP/USD remains confined within its three-week trading range, suggesting traders remain cautious ahead of major economic events.
The British Pound extended its gains against the U.S. Dollar for a third consecutive session, with GBP/USD trading around the mid-1.3200s. Sterling benefited mainly from a modest retreat in U.S. Treasury yields from recent multi-year highs, which reduced demand for the U.S. Dollar and provided some upward momentum for the currency pair.
The Pound also received support from UK Chancellor John Healey’s renewed commitment to maintaining strict fiscal discipline ahead of his first Budget on October 28. With elevated borrowing costs continuing to put pressure on UK public finances, markets are closely watching whether the government can maintain fiscal credibility while supporting economic growth.
However, GBP/USD remains largely confined within the trading range seen over the past three weeks, suggesting investors are reluctant to take aggressive positions ahead of several key economic events.
Attention will turn toward Healey’s remarks at the IMF and World Bank meetings, while upcoming speeches from Bank of England Governor Andrew Bailey and Federal Reserve Chair Kevin Warsh could provide further clues on the monetary-policy outlook.
Meanwhile, the upcoming UK monthly GDP report and U.S. inflation data will likely be the main catalysts for GBP/USD. Stronger-than-expected UK growth could strengthen Sterling, while softer U.S. inflation could further weigh on the Dollar by reducing expectations for tighter Fed policy. Conversely, stronger U.S. inflation or a rebound in Treasury yields could limit GBP/USD’s upside.
GBP/USD, H4:
GBP/USD is trading higher, currently testing the 1.3250 resistance level, which acts as a key near-term breakout zone.
Momentum indicators remain supportive, with the MACD showing increasing bullish momentum and the RSI at 56 staying above the midline. This suggests that buyers remain in control for now.
A confirmed breakout above 1.3250 could extend gains toward the next resistance level at 1.3285, reinforcing the bullish short-term structure.
However, if bullish momentum fails to persist, GBP/USD may retrace and retest the 1.3195 support level, followed by 1.3100 if selling pressure increases.
Resistance Levels: 1.3250, 1.3285
Support Levels: 1.3195, 1.3100
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