With price action now well above key weekly retracements and moving averages, the trend bias remains firmly bullish. As long as GBPUSD continues to make new highs and hold above prior breakout zones, buyers remain in control. That said, bullish momentum may pause or correct at this next swing target area, where sellers could look to lean.
Zooming into the hourly chart, a nearer-term support zone exists between 1.3512 and 1.3542. This area served as swing highs on Friday and early resistance in the Asian session today. A move below this level would be the first sign that sellers are attempting to regain control—but a mere dip below is not enough. Price would need to stay below this zone and build downside momentum.
The rising trendline near 1.3477 (and climbing)
Breaking and holding below both would give sellers more confidence and could shift the short-term bias more meaningfully.
Overall, the buyers are in control and stretching higher. Although the price is off the new high going back to 2022, there is work to do to take back even the smallest of control from the buyers. Without the aforementioned breaks lower, the buyers are still more in control.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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