Mixed Momentum in Majors and Commodities

Weekly Forex & Commodity Outlook: GBPUSD, EURUSD, Brent, and Silver in Focus

The current market landscape highlights a critical GBPUSD support break, signaling potential downside momentum across the forex board. As GBPUSD slips below its short-term bullish structure, traders are closely watching the 1.3425 level for confirmation. Meanwhile, EURUSD shows early signs of retracement, Brent crude maintains bullish strength above $76, and XAGUSD (Silver) continues its climb toward multi-month highs. This technical outlook explores the most important support and resistance levels driving this week’s market action.

GBPUSD
GBPUSD Support Break Signals Structural Bearish Shift:

GBPUSD has broken below its short-term bullish structure and is currently testing the 1.3425 horizontal support, a key demand level from early June. The rejection from the 1.3550 resistance zone triggered accelerated downside, with RSI slipping to the oversold boundary (34.77), indicating bearish momentum with limited near-term strength. If the 1.3425 support fails to hold, the next major demand sits near 1.2930. However, given the historical reaction from this area, a temporary rebound could be expected before further directional bias unfolds. The Keltner Channel confirms that price has shifted below the average range, favoring sellers in the short term.

EURUSD
EURUSD technical outlook weakens near 1.1482:

EURUSD is retracing from its recent high around 1.1590 after failing to maintain bullish extension, now hovering above the 1.1482 support. A clean breakdown from here could retarget the 1.1407 zone. RSI is positioned at 45.84, suggesting waning momentum and a potential shift toward neutrality unless bulls regain control above 1.1590. The previous resistance turned support at 1.1407 will act as a pivot zone to determine the next trend leg. Trend-following traders should monitor for reaction at the current level to assess whether the recent bullish rally was a short-term extension or a broader trend change.

Brent Crude
Brent Crude Maintains Bullish Momentum Above $76:

Brent crude continues to demonstrate bullish strength, trading above $76 after breaking out from the $72.80 resistance and retesting it as support. The recent rally has pushed RSI back to 58.25, confirming ongoing bullish bias but slightly cooling off from overbought levels. If bulls maintain momentum, the next major resistance lies at $78.78, followed by the $80 psychological level. The prior accumulation zone between $65 and $68 acted as a base for this breakout, and the strong reaction confirms a structural shift toward higher highs. Keltner Channel expansion further supports sustained trend direction.

XAGUSD
Silver Surges Toward $38 After Breaking Key Resistance:

Silver (XAGUSD) has surged toward $37.26, nearing multi-month highs with strong upward momentum. Price action remains above all key resistance levels, notably the $34.87 and $36.32 zones, which have now flipped to support. RSI has entered overbought territory at 73.05, suggesting strength but also caution for potential short-term pullbacks. Momentum remains bullish as long as price sustains above $36.32, with possible continuation toward $38+. The strong breakout from previous resistance indicates institutional participation, and trend followers may continue favoring long setups unless signs of exhaustion develop.