The currency pair surged past a critical swing level, reinforcing bullish momentum after holding above moving average support.
GBPUSD climbed above the 1.34797 resistance level, reaching its highest point since July 16. The break followed a rebound from converged 100-day and 200-day moving averages near 1.3398, which buyers defended aggressively.
Earlier, the pair corrected lower during Asia-Pacific and early European sessions but found support just above 1.3400. The subsequent rally pushed it through yesterday’s highs, with the next targets at 1.3517 and the July peak of 1.35573.
Technical analysts note the moving averages remain a key barometer, with bulls maintaining control as long as the pair stays above them. A drop below would shift momentum back to sellers.