The GBPUSD remains confined to a 68-pip trading range today, narrower than the 22-day average range of 102 pips (about a month of trading). Price action has been choppy, but the 100-hour moving average (currently at 1.32614) has consistently provided support during intraday dips. This level also aligns with recent swing lows (see red numbered circles), reinforcing its importance.
Staying above the 100-hour MA has kept buyers in play, and with the pair now trading above the 200-hour MA (green line), those buyers are looking to gain more control. However, attempts to build upside momentum have repeatedly stalled. The most recent rally reached a session high of 1.3319, just shy of the May 9 high at 1.33227, before pulling back.
A sustained break above 1.33227 would open the door toward the weekly high at 1.33597, followed by resistance at 1.3379. Beyond that, the market would look to challenge the 2025 highs at 1.3423, 1.3433, and 1.3441, with 1.3430 also representing the high from 2024 (see daily chart below). Notably, the brief April breakout above that level marked the highest price since March 2022—but it lacked follow-through, and sellers quickly regained control.
For now, staying above the 200-hour MA remains key for buyers to maintain momentum and press for a topside breakout.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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