GBPUSD weekly: sterling slides to 1.3424, 2026-06-01

Where GBPUSD closed the week

Cable opened the week at 1.34504 on Monday and closed at 1.3424 on Friday, shedding 264 pips or 0.20%. The pair printed a weekly high of 1.34812 on Tuesday before reversing lower. Friday's low at 1.34157 marked the weakest level since the 1.34094 test on Wednesday.

What moved price

Dollar strength dominated the narrative this week. The greenback reversed its earlier declines against major pairs on Thursday, with GBPUSD falling from Tuesday's 1.34812 peak to test the 1.34094 level by Wednesday. South Korean markets provided a risk-off catalyst on Thursday, with the KOSPI dropping sharply and the won hitting a 17-year low against the dollar.

The PBOC's stronger yuan fixing reinforced the dollar bid, keeping pressure on sterling through the week's close.

The week ahead

No high-impact events are scheduled for the coming week according to the data bundle. This leaves GBPUSD vulnerable to broader dollar flows and any surprise headlines. Without scheduled catalysts, price action will likely respect technical levels.

Positioning

LHFX client sentiment shows a balanced market with 50.3% of positions long and 49.7% short. This near-even split suggests traders are waiting for clearer direction. When positioning is this tight, the first breakout often triggers stop losses on the wrong side, amplifying the move.

Levels to watch

The 1.34094 Wednesday low becomes immediate support. If that breaks, the psychological 1.3400 handle is the next obvious target. Resistance sits at the 1.34812 Tuesday high, then the 1.34504 weekly open. A close above 1.34504 would negate this week's bearish tone.

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.