Market Analysis
GBP/USD midweek: cable holding 1.3390 as traders remain split, 2026-06-08
Sterling trades up 59 pips from Monday's open at 1.3394, with positioning near perfectly balanced at Wednesday's close.
2 min leesThe index closed Wednesday at 64,307, up 501 points from Monday's 63,806 open. Price has swung between 66,103 and 63,098 through the first three sessions, with Tuesday's 3,005-point range marking the week's most volatile day so far.
Monday's surge to 65,899 gave way to Tuesday's sharp reversal from 66,103 down to 63,098. The pullback found support just above the 63,000 psychological level, and Wednesday's session has consolidated in a tighter 1,362-point range between 65,094 and 63,732.
Thursday and Friday trade without scheduled high-impact events on the calendar. If buyers hold 64,000 through Thursday's session, the 65,000 round number comes back into focus. A break below 63,700 would retest Tuesday's 63,098 low.
Traders hold 52.1% long positions versus 47.9% short as of Wednesday morning. The slight bullish tilt reflects the index holding above 64,000 after Tuesday's aggressive selloff failed to sustain below the psychological level.
The 64,000 zone sits at the heart of Wednesday's price action, with the index trading 307 points above it at 64,307. If this level holds as support through Friday, the week's 66,103 high becomes the obvious resistance. A close below 64,000 puts Tuesday's 63,098 low back in play.
Byline: LHFX Research
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