GBPUSD – Stalling at resistance, correction ahead?

The market is reacting to a series of strong US economic data, especially the rising expectations for ADP and ISM PMI figures. This has boosted the USD, putting pressure on major currency pairs, including GBPUSD.

Looking at the H4 chart, GBPUSD is trading near the resistance zone around 1.35959 while also testing a long-term descending trendline – a level that has previously rejected price multiple times. Notably, although price is still holding above the EMA 34 and 89 support zone, recent candles reflect clear hesitation, suggesting the pair is “stuck at a crossroads.”

A reasonable technical scenario: if the price continues to be rejected at 1.35959 and breaks below the EMA confluence and support area at 1.34994, a short-term downtrend may resume. The nearest target would be around 1.34530 – a strong technical support that has held up price in the past.