FX.co ★ Sud | XAU/USD, GOLD

Cable Stems Slide at $1.3474 Floor: GBP/USD Re-Arms $1.3550 Resistance Band Ahead of US Retail Drivers The GBP/USD (Cable) pair exhibits growing technical resilience during Wednesday's trading session, recovering from its low of 1.3474 to push back toward the 1.3520–1.3550 structural threshold. A slate of cooling US inflation readings alongside mounting evidence of labor market friction has significantly diminished foreign exchange market expectations for an immediate monetary policy rate hike by the Federal Reserve. This broader greenback retreat allows Sterling to maintain a firm base, even as FX strategists at ING emphasize that upcoming high-tier US macro releases—such as July Retail Sales (forecasted at +0.1%) and the University of Michigan Consumer Sentiment survey—would require severe deviation from consensus figures to force a structural Dollar trend breakdown. Multi-Month Base & Weekly Accumulation: Across medium-term timeframes, Sterling has been systematically constructing an ascending support structure anchored around key historical pivot points. Buyers have repeatedly defended intermediate drawdowns near 1.3273 and 1.3400, utilizing these demand zones to absorb seller overhang and re-establish a series of higher swing lows. This structural base-building reflects institutional accumulation within Cable’s broader horizontal recovery channel. Intraday Momentum & Indicator Divergence: On shorter-term execution charts (H4), GBP/USD exhibits an incipient bullish posture as price trades back above core moving average lines. The 14-period Relative Strength Index (RSI) holds above the neutral 60 line, confirming strong underlying buying interest. However, with the Moving Average Convergence Divergence (MACD) oscillator remaining relatively flat near its zero equilibrium threshold, the price action reflects range-bound compression rather than an aggressive, high-momentum breakout. Macro Coiling Near Supply Zones: As price compresses against the critical 1.3550 overhead hurdle—which aligns with multi-month high-close levels from July 15 and August 12—Sterling sits at a clear inflection point. Weakness in underlying US Dollar metrics continues to act as a primary tailwind for Cable, maintaining a favorable risk profile as long as key downside boundaries remain protected. From a technical structure perspective, the price levels and operational target zones are mapped as follows: Overhead Resistance Targets: The immediate line of defense for sellers is located at the 1.3550 supply ceiling. A decisive daily close above this level validates a broader trend continuation, opening technical pathways toward secondary targets at 1.3602 and the mid-range high near 1.3650–1.3672. Key Support Boundaries: Primary downside protection sits firmly at Thursday’s reaction low of 1.3474. Secondary structural support rests along the psychological 1.3400 floor, with long-term trend invalidation situated deeper at the July 27 swing low of 1.3273. The macro trend trajectory for GBP/USD remains structurally tilted to the upside, guided by higher structural lows on higher timeframes. Buyers retain near-term control while price trades above 1.3474, with the 4-hour RSI maintaining a bullish bias. To unlock the next leg of expansion toward 1.3650, Sterling bulls must force a clean breakout above 1.3550; conversely, a failure to defend 1.3474 would trigger a deeper corrective pullback toward 1.3400 before the broader bullish trend attempts to resume.