The currency pair tests former resistance levels after breaking above technical hurdles, signaling a critical moment for bullish momentum.
GBPUSD retreated to the 1.3446-1.3465 range after a sharp rally pushed it to 1.3557, briefly surpassing May highs. The pullback tests whether yesterday’s breakout can hold as support, with the 61.8% Fibonacci retracement at 1.34598 now in focus.
The pair previously cleared multiple moving averages, including the 100-hour, 100-day, and 200-day, along with a downward trendline. The 1.3446-1.3465 zone acted as resistance before flipping to support, making it a pivotal level for traders.
If buyers defend this area, the uptrend may resume, while a break below could signal a reversal. The session’s low reached 1.3460 before stabilizing, leaving the near-term bias in question.