The GBPUSD started the day by making a new high for the year during the early Asian session, but risk-off flows following an Israeli strike on Iran triggered a sharp reversal.
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.
The decline finally found support at the high of a swing area between 1.3506 and 1.3517—an area that has repeatedly acted as a key barometer for buyer interest (see green numbered circles on the chart above). After some back-and-forth price action, the early U.S. session low once again held above this key zone, reinforcing it as a critical support level. Going forward it would take a move below that level to increase the bearish bias.
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,.
Key technical levels:
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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