The flight to safety into the US dollar pushed the pair lower, breaking below both the 100- and 200-hour moving averages, which were converged near 1.3544.
Since the floor was established, the pair has rebounded and is now retesting the upper swing resistance area between 1.3580 and 1.35919 (see red numbered circles on the chart above). A move above this ceiling would open the door for a retest of the recent highs, while failure here keeps the pair locked in a broader consolidation range defined by the swing areas with the 100 and 200 hour moving averages converged at 1.3544 an interim bias/risk defining level,.
Resistance: 1.3580–1.35919 (swing area), 1.36158 (recent high), 1.36365 (high for 2025 reached earlier today)
Support: 1.3544 (100/200 hour moving averages, 1.3506–1.3517 (swing zone that stalled the fall the day),
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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