The GBPUSD is trading in a tight 50-pip range today—well below the 21-day average range of 101 pips. That puts today's action at less than half of the typical daily volatility, suggesting a market waiting for a catalyst.
The high for the day reached 1.3440, just shy of the April swing high at 1.3441 (and prior high for the year). Yesterday, the pair extended above the April 2025 high, reaching 1.34695, but today’s inability to push through the prior peak may have encouraged sellers to lean against the resistance, hoping for a momentum shift.
For sellers to gain traction, however, they must push and hold the price below the rising 100-hour moving average, currently at 1.33799. That level serves as a key support line in the short-term battle. Notably, the last time GBPUSD traded below the 100-hour MA was back on May 19, when the average was down at 1.3276.
In short, while there is technical resistance near 1.3441, sellers still have work to do on the downside. A sustained move below the 100-hour MA would be needed to shift the bias more convincingly in their favor.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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