Sellers reasserted control after buyers briefly pushed the pair past the 38.2% retracement but failed to sustain momentum.
The GBPUSD pair retreated after briefly breaking above the 38.2% retracement level at 1.32629, reaching a session high of 1.3276. Buyers initially defended the 200-hour moving average but lacked follow-through, allowing sellers to drive the price back below the retracement level.
The pair remains in a technical downtrend, marked by lower highs and lower lows. While reclaiming the 100-hour and 200-hour moving averages offers modest support, buyers must sustain a break above the 38.2% retracement to shift momentum. Failure to do so could target a retest of the converged moving averages.
Traders are monitoring the retracement level closely, as a sustained break would signal potential buyer control. For now, sellers maintain the upper hand, keeping downside risks in focus.