Yesterday, the GBPUSD reached a fresh high of 1.34413—its strongest level since February 2022—but the rally stalled just 7-8 pips above the 2024 high at 1.3433. That failed break marked a turning point, and sellers have since regained control.
On the hourly chart, the price action today has shifted more definitively to the downside. After testing and briefly bouncing off the 200-hour moving average (now at 1.33405), GBPUSD fell back below both the 200-hour and 100-hour MAs (the latter at 1.33547), turning those levels into short-term risk zones for sellers.
The break of the prior day’s low and support at 1.33784 further tilted momentum lower.
Staying below both moving averages keeps the short-term bearish bias intact. Traders will now look for continued downside momentum, with key support levels eyed at 1.33221 and 1.3300.
On the daily chart, the failure to hold above the 2024 high reinforces the significance of the 1.3433 level. Unless buyers can reclaim that zone, the broader breakout attempt risks fading further.
Key technical levels:
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Resistance: 1.33547 (100-hour MA), 1.33405 (200-hour MA),
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Support: 1.3292 (swing high from April 16)., 1.32328 (low from last week)
This article was written by Greg Michalowski at www.forexlive.com.
