The GBPUSD opened the day on a bearish note, dipping below its 100-day moving average at 1.34349. That break echoed Friday’s move beneath the same level, but once again sellers were unable to sustain momentum. The pair rebounded, shifting the bias as buyers stepped back in.
On the intraday side, the hourly chart shows the price reclaiming the 100-hour moving average, which had acted as resistance earlier in the session. The rally has now extended toward the 200-hour moving average at 1.34834—a level that capped gains yesterday. For traders, this moving average represents a clear resistance target to lean against, with risk defined just above.
A break above the 200-hour MA would be notable, given its role as resistance over recent sessions. That could quickly flip sellers into buyers and open the door for additional upside momentum. Conversely, if the 200-hour MA holds and the price slips back below the 100-hour MA, it would take pressure off the current bullish tilt and reintroduce downside risk.
Key level for both buyers and sellers.
