GBPUSD week ahead: quiet calendar tests 1.34 support, 2026-06-01

How last week left GBPUSD

The pound opened Monday at 1.34806 and closed Friday at 1.34554, shedding 252 pips or 0.19% across five volatile sessions. Thursday's sharp decline to 1.3367 marked the week's low before a partial recovery into the close.

What this week is about

This week brings an empty economic calendar for both sterling and the dollar. Without scheduled tier-one releases, price action will likely center on technical levels and any surprise headlines that emerge during the sessions.

The absence of data releases puts the focus squarely on the 1.34 handle. Last week's close at 1.34554 leaves the pair precariously positioned just above this psychological round number, with sentiment evenly split at 50.3% long versus 49.7% short.

Scenarios for the week

If GBPUSD holds above 1.34500 early in the week, the immediate resistance sits at last week's high of 1.35087. A break above that level would bring 1.3550 into view as the next obvious target. Conversely, if the pair loses 1.34000 decisively, last week's low at 1.3367 becomes the key support to watch.

Positioning into the new week

Retail positioning stands at 50.3% long and 49.7% short as of Sunday morning. This near-perfect balance suggests traders are waiting for clearer directional signals. The equilibrium could break quickly if price moves decisively away from current levels.

Levels to watch

Three levels deserve your attention this week. First, the 1.3400 psychological level sits just below Friday's close and will likely act as initial support. Second, last week's low at 1.3367 represents the next major support if 1.34 fails. Third, the 1.3485 area served as resistance multiple times last week and could cap any upside attempts. These are reference levels for context, not entry signals. Open an LHFX account to trade GBPUSD this week.

Byline: LHFX Research

Risk disclaimer. CFD trading involves substantial risk and is not suitable for every investor. Leverage works both ways and can amplify losses beyond your initial deposit. The analysis above is general market commentary and does not constitute investment advice or a recommendation to buy or sell any instrument. LHFX is regulated by the FSC Mauritius and the FSCA in South Africa.