The GBPUSD buyers had their opportunity earlier this week, briefly driving the price to the highest level since March 2022 (above 1.3433) — but they couldn’t sustain the breakout. The pair reversed lower after reaching 1.34413, just above the 2024 high of 1.3433, marking a failed upside attempt.

Since then, the pair has moved lower and broke below both the 100- and 200-hour moving averages (blue and green lines on the chart above) on Wednesday. The 100-hour MA capped Wednesday’s corrective rebound keeping the sellers in control in the short term. On Thursday and again today, the lower 200-hour MA (green line) has contained upside attempts, reinforcing resistance.

On the downside, buyers showed resilience today as the price found support at yesterday’s low, forming a temporary floor. This repeat bounce raises the importance of this area as a key short-term support level.

It would take a move below that level to open the door toward the low from last week and 1.3232. Below that a swing level at 1.3201 – 1.3206 would be targeted.

If the low price from yesterday and today cannot be broken, dip buyers would still need to get the price back above the 200 and 100-hour moving averages to get more upside confidence.

Sellers are more in control with the corrective highs this week stalling below the hourly moving average levels.

Key Technical Levels

• Resistance:

  • 200-hour MA (~1.33298)

  • 100-hour MA (~1.3352)

  • 2024 high: 1.3433

• Support:

  • Double bottom near 1.3259

  • 1.3232 (last week’s low)

  • 1.32017 to 1.3206. (Swing area)

  • 1.31603 (38.2% retracement)