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. The current price is trading near 1.3591.
So what comes next?
As long as buyers can hold support near the 1.3574–1.3578 area, the bullish bias remains intact and traders will continue to look for another push higher. A sustained move back above 1.3602 would give buyers more confidence and shift the focus toward the highs from today and last week between 1.3642 and 1.36569. A break above that target zone would open the door for further upside momentum.
Conversely, if the price falls back below 1.3574, it would disappoint buyers looking for continued gains and likely shift the focus back to the downside. In that case, the next target comes at the 200-hour moving average near 1.3543. Move below that level, and traders will start targeting 1.3508, followed by the 100-day moving average at 1.3473.