Bullish correction in GBPUSD slows near resistance at 1.3350

Investors remain cautiously optimistic about GBPUSD amid a weakening US dollar, with the price currently at 1.3306. Discover more in our analysis for 6 August 2025.

GBPUSD forecast: key trading points

• The US ISM services PMI fell to 50.1 in July
• The ISM report indicates almost complete stagnation in the services sector
• GBPUSD forecast for 6 August 2025: 1.3090

Fundamental analysis

The GBPUSD rate has been strengthening for the fourth consecutive session, forming a moderate bullish correction. However, the price remains below the key resistance level at 1.3350.

The US dollar remains under pressure following the unexpected drop in the ISM services PMI to 50.1 in July, down from 50.8 in June. The market consensus had expected an increase to 51.5. The release suggests a near standstill in services sector growth, highlighting the negative impact of President Donald Trump's tariff policy.

Markets are also watching for comments from the White House: Trump stated he will announce the nominee for the vacant seat on the Federal Reserve Board of Governors by the end of the week. Given the weak macroeconomic data, investors continue to price in over a 90% probability of a Fed rate cut at the September meeting.

GBPUSD technical analysis

The GBPUSD rate continues its downward trajectory after testing the strong resistance level at 1.3350, signalling mounting selling pressure. The pair remains within a descending channel, limiting recovery in the short term.

The GBPUSD forecast for today suggests a decline towards the 1.3180 level, with the potential for a deeper drop to 1.3090 if the local support level at 1.3240 breaks. The Stochastic Oscillator confirms downside potential, as its signal lines have reversed from overbought territory.

A confident consolidation below 1.3175 would confirm the bearish scenario.

Summary

The GBPUSD rate continues a moderate correction amid weak US services data and a high likelihood of a Federal Reserve rate cut in September. Technical analysis for GBPUSD favours a bearish scenario, with risk of a further drop towards 1.3090 if the price consolidates below 1.3175.