The GBP/USD pair is currently priced at 1.34876, exhibiting a bullish bias as the US dollar maintains a slight edge. I project a near-term target price of 1.35030 (TP1), driven by technical strength and market dynamics. Despite recent geopolitical noise, the pair’s upward trajectory remains intact.

GBPUSD Scalping Idea: Buy at 1.34876 and Take Profit 1 at 1.35030 and Take Profit 2 at  1.35173.

The dollar is a touch higher following President Trump’s threat of 30% tariffs on EU and Mexico goods. However, currency markets have shown a muted response, with traders prioritizing economic fundamentals over trade rhetoric. If implemented, these tariffs could enhance the dollar’s appeal by strengthening US trade leverage, potentially pressuring GBP/USD upward in the short term.

Technically, GBP/USD is well-positioned, trading above key support at 1.34700 and eyeing resistance near 1.35100, aligning with TP1. The pair’s bullish momentum is supported by consistent buying interest and positive price action above critical moving averages. Upcoming US economic releases, such as inflation and consumer spending data, could further bolster the dollar, supporting the pair’s ascent toward TP1.

On the downside, risks include a potential shift in Federal Reserve policy toward a dovish stance or a de-escalation of trade tensions, which could cap gains. For now, GBP/USD’s bullish bias holds firm, with 1.35030 as a viable target. Traders should remain vigilant for macroeconomic updates and geopolitical developments.