GBP/USD: Sterling Smashes $1.34 in 11th Winning Session in a Row. Big Resistance at $1.3430

It’s the turnaround point of a previous trend shift — $1.3430 could be a double-top pattern and bears are on the watch. Also, sterling is up a whopping 11% since mid-January.

📈 Sterling Extends Winning Streak to 11 Days

• Eleven green candles. One key resistance. Sterling’s on a mission. The GBPUSD pair cracked above $1.34 on Tuesday, extending its rally to an impressive 11 consecutive winning sessions — the longest streak in years.
• The pair has now gained 11% since mid-January, fueled by softening US dollar sentiment, cooling inflation in the UK, and growing expectations of a Bank of England interest rate cut just around the corner.

⚠️ $1.3430 Looms Large as Double Top

• But now comes a real test: $1.3430. That level marks a key technical barrier, where the price rolled over in a failed breakout attempt in late September. It’s a possible double-top pattern, and bears are watching it closely. A rejection here could trigger some profit-taking, while a clean break might unlock a fresh leg higher toward $1.36.
• The move also reflects the broader macro backdrop — a market increasingly skeptical of the US dollar as Trump’s war of words with Fed Chair Jay Powell deepens, and confidence in central bank independence begins to wobble. That backdrop has sent flows pouring into alternatives like the euro, yen, gold — and now, sterling.

📪 Quiet Week Ahead — Unless Trump Logs On

• Looking ahead, it’s a quiet week with no major economic events on both sides of the Atlantic, giving the cable some needed space to go full technical — unless Trump decides to change that.
• Trump’s notorious online posting is now on par with the most important scheduled economic events in terms of market impact. So beware of any sudden tweets by the US President as these may move markets fast, sharp, and in both directions.