The early London slide to session lows in GBPUSD could not sustain a break beneath the 50 % retrace of the May–June rise or the nearby swing shelf at 1.33619-1.33784. Dip-buyers stepped in, and once price reclaimed the 100-hour MA at 1.3445—which also coincides with the broken 38.2 % retracement level—the sentiment flipped from sell-the-rally to buy-the-dip.

Fueling the move:

• U.S. yields hit session lows – 2-year is now at 3.825 % (-8.3 bp), 10 -year 4.302 % (-7.3 bp), 30-year 4.840 % (-5 bp). Dovish USD.

• Fed Governor Bowman echoed Waller, saying a July cut is possible if inflation stays tame. Dovish USD

Price has now run into a tight confluence of resistance with the:

1. 200-hour MA: 1.35057

2. Underside of the broken trend-line from late May

3. Swing band: 1.3505-1.3514

A sustained break above that zone would unlock upside and have traders looking toward 1.35804 to 1.35919. Failure to punch through keeps the pair in a range between 1.3445 to 1.3514 range. Lose that, and today’s bullish narrative unravels toward 1.3414 and the 50% again at 1.33869