The GBPUSD moved higher yesterday, but upside momentum stalled near the lower end of a key swing area resistance zone between 1.3574 and 1.3602.
The rally peaked at 1.3577 before sellers leaned against the resistance area and pushed the pair lower into the new trading day, sending the price back toward its 100- and 200-hour moving averages
During the Asian-Pacific session, buyers stepped in against the rising 200-hour moving average and stabilized the decline. After initially finding resistance near the 100-hour moving average, buyers regained control, pushing the pair back above the swing area ceiling at 1.3602. That breakout helped fuel a rally to a new swing high at 1.3642 before sellers once again slowed the advance in the North American session.
Importantly, the prior resistance area from yesterday near 1.3577 has now become a key support level. The corrective low today reached 1.3578 before rebounding higher. That support zone is reinforced by the rising 100-hour moving average at 1.3574 and the lower boundary of the broader swing area between 1.3575 and 1.3602.