Weekly FX Technical Analysis - 13th April 2026

FX markets are showing early signs of recovery, with several major pairs pushing back toward key resistance levels.

GBP/USD and EUR/USD have both rebounded from recent lows, EUR/GBP remains firmly range-bound, while USD/JPY continues to consolidate just below the critical 160 level.

This week’s charts highlight a market approaching potential breakout points as momentum begins to build.

GBP/USD

GBP/USD has continued its recovery from recent lows, now trading around 1.3450, pushing back into the mid-range after holding firm above the 1.3200–1.3300 support zone. Price action shows a gradual shift higher, though the pair remains capped below the broader descending trendline resistance.

The recent move higher has brought price back toward the 1.3500 region, which remains a key pivot level. Bollinger Bands are beginning to widen slightly, suggesting increasing momentum, while RSI has moved into the mid-to-high 50s, indicating improving bullish conditions.

Potential Scenarios

• Bullish: A sustained break above 1.3500 would open a move toward 1.3600, followed by 1.3800.

• Bearish: A rejection at current levels could see a move back toward 1.3300, with a break lower exposing 1.3000.

Macro Backdrop to Consider

Sterling continues to take direction from UK economic data and Bank of England expectations, while USD momentum remains driven by rate outlook.

GBP/USD: APRIL ‘25 - PRESENT

EUR/GBP

EUR/GBP remains range-bound but is holding comfortably above support, currently trading around 0.8700, with price action continuing to respect the broader 0.8600–0.8800 range.

The pair recently tested higher levels near 0.8750, but has since eased slightly, suggesting ongoing consolidation. Bollinger Bands are relatively neutral, while RSI is holding around the mid-50s, indicating balanced momentum.

Potential Scenarios

• Bullish: A move back above 0.8750 would open a retest of 0.8850.

• Bearish: A break below 0.8650 would shift focus back toward 0.8600 support.

Macro Backdrop to Consider

EUR/GBP remains driven by relative ECB vs BoE expectations, with neither side showing a decisive advantage.

EUR/GBP: APRIL ‘25 - PRESENT

EUR/USD

EUR/USD has continued to recover from recent lows, now trading around 1.1700, as the pair rebounds from the 1.1500 support region. The move higher suggests a short-term shift in momentum, though the broader range remains intact.

Price is now approaching the key 1.18 resistance zone, with Bollinger Bands widening slightly, indicating strengthening momentum. RSI is now pushing toward the high-50s, reinforcing the near-term bullish bias.

Potential Scenarios

• Bullish: A break above 1.1750–1.1800 would open a move toward 1.2000.

• Bearish: Failure at resistance could see a pullback toward 1.1550–1.1600, with further downside toward 1.1500.

  
  

Macro Backdrop to Consider

EUR/USD remains highly sensitive to Fed vs ECB policy expectations, with US data continuing to influence direction.

EUR/USD: APRIL ‘25 - PRESENT

USD/JPY

USD/JPY continues to trade near the top of its long-term range, currently around 159.50–160.00, with price action consolidating just below the key 160 resistance level.

The broader uptrend remains intact, supported by higher lows and strong momentum. Bollinger Bands remain elevated, while RSI is holding in the high-50s, suggesting continued bullish conditions despite near-term consolidation.

Potential Scenarios

• Bullish: A break above 160.50 would open a move toward 162.00–163.00.

• Bearish: A move below 158.00 would suggest a pullback toward 155.00, followed by 152.50.

Macro Backdrop to Consider

USD/JPY remains driven by yield differentials and any potential shifts in Bank of Japan policy.

USD/JPY: APRIL ‘25 - PRESENT

Current Cash Account Yields Available

As always, if you’d like to discuss these moves in more detail, or how they could impact your business or personal requirements, please don’t hesitate to get in touch.

info@k2-fx.com

+44 203 355 4603

Disclaimer: The information in this publication is provided for general information purposes only. It does not constitute financial or investment advice, nor should it be relied upon as such. Readers should consider their own circumstances and seek independent advice where appropriate.