GBPUSD retreats after false break of 2024 high — sellers regain short-term control ...Middle East

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.

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.

Key technical levels:

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.

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