The GBPUSD buyers had their opportunity to reclaim control with a move above the converged 100-hour and 200-hour moving averages (at 1.33238), but momentum stalled, and the price has since rotated back lower. The failure to stay above those key MAs has shifted short-term control back to the sellers.

Support continues to hold above a familiar swing area between 1.3259 and 1.3273, but that zone remains fragile. A confirmed break and hold below it would strengthen the bearish bias going forward.

The next downside targets come in at the April 23 low of 1.3232, followed by the swing area near 1.3203. A move through those levels would increase downside pressure and potentially open the door toward the 38.2% retracement at 1.3160.

While the buyers had their shot, it’s the sellers who are now dictating the pace—provided they can push and hold below the key support band.

Key levels:

• Resistance: 1.3325 (200/100-hour MAs)

• Support: 1.3259–1.3273 (swing area), 1.3232 (April 23 low), 1.3203 (next swing area), 1.3160 (38.2% retracement)