GBPUSD weekly: Cable gains 68 pips to 1.3403, 2026-06-08
Where GBPUSD closed the week
GBPUSD opened the week at 1.33346 and closed at 1.34034, gaining 68 pips or 0.51%. The pair printed a weekly high of 1.34326 on Thursday before pulling back slightly into Friday's close. The weekly low came early Monday at 1.33056.
What moved price
The pound's advance came against a backdrop of broad dollar weakness, with the greenback struggling across major pairs. Thursday's push to 1.34326 marked the highest level since late April, as traders positioned for potential Bank of England hawkishness.
China's PBOC set the USD/CNY reference rate significantly stronger than the Reuters estimate on Friday. This unexpected yuan weakness briefly capped dollar pairs, including cable, explaining Friday's modest pullback from Thursday's highs.
The week ahead
The upcoming week's calendar shows no high-impact events scheduled. Without major economic releases, price action will likely follow technical levels and any unexpected geopolitical developments. Traders should monitor any surprise central bank communications or unscheduled risk events.
Positioning
Current positioning shows 50.2% of traders long and 49.8% short as of Friday morning. This near-perfect balance suggests the market lacks strong conviction at current levels. When positioning is this evenly split, sharp moves in either direction can trigger position squeezes as the losing side rushes to exit.
Levels to watch
If GBPUSD holds above 1.3400, Thursday's high at 1.34326 becomes the immediate target, with 1.3450 as the next psychological level. Below 1.3400, the weekly low at 1.33056 offers support, followed by the round number at 1.3300. Watch how price reacts at 1.3400 early in the new week.
Byline: LHFX Research
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