GBP/USD Consolidates at 11-Week High Near 1.3600 Resistance

GBP/USD is hovering at an 11-week high near the critical 1.3600 level, consolidating gains driven by persistent US dollar weakness. The pair has appreciated significantly in recent sessions as multiple headwinds converge against the greenback, including easing Middle East tensions and shifting Federal Reserve rate expectations. The 1.3600 area represents a major technical resistance zone, and the pair's ability to hold near this level suggests underlying bullish momentum. A daily close above 1.3600 would mark a significant technical breakout, potentially triggering further buying toward 1.3650 and 1.3700. On the downside, initial support rests at 1.3550, with stronger demand expected near 1.3500 where the 50-day moving average may offer additional support. RSI indicators are approaching overbought territory, suggesting the pair could see a brief pullback before attempting a decisive move higher. Traders should be cautious about chasing the rally at current levels and may consider waiting for a retest of support for better risk-reward entries. UK services PMI data due later this week could act as the next catalyst.