GBP/USD slips below 1.34 as technical resistance and US‑Iran tensions curb pound

The GBP/USD pair hovered around 1.3370, staying under 1.3400, after retreating from a near‑four‑week high of 1.3450. Technical analysis shows the pair testing the 200‑hour moving average near 1.3365, a key support level that has held since late June. Sellers have gained the edge after repeated failures to break the confluence around 1.3399 formed by the 100‑day, 200‑day moving averages and a 50 % retracement of the May rally.

If the price falls below the 200‑hour average, further declines toward 1.3338 and the recent low of 1.3323 are possible. Conversely, a firm hold above the average could restore optimism for a bounce back toward the 1.3399 resistance zone. Market sentiment is also influenced by heightened U.S.–Iran tensions that have lifted demand for the safe‑haven U.S. dollar, alongside speculation of a possible 25‑basis‑point Bank of England rate hike by end‑2026. No major UK or US economic data are scheduled, so the pair is likely to track dollar movements in the near term.