Are you watching the GBPUSD, wondering what's next? The currency pair is currently in a holding pattern, waiting for its next big move. Earlier today, during the Asian-Pacific session, we saw a bit of upward movement, but the pair couldn't quite break through its declining 100-hour moving average, currently hovering around 1.3359. This level is acting as a key resistance, with sellers using it to keep gains in check.
As the trading day shifted to the European and U.S. sessions, things quieted down. The GBPUSD settled into a tight range, bouncing between 1.3313 on the low side and 1.3351 on the high side. Most of the action has been concentrated within a narrow band between 1.3323 and 1.3341.
This area is crucial from a technical perspective. It previously served as strong support throughout early August, repeatedly preventing the price from falling further. But here's where it gets interesting: About two weeks ago, this support crumbled, leading to a sharp decline that bottomed out at 1.3259 last Friday.
Now, the GBPUSD is trading just below this former support zone. Traders are now watching closely to see if the pair can reclaim this broken ground, turning it back into a support level. Alternatively, will sellers continue to defend this area, reinforcing the existing downtrend? The market is clearly anticipating the next significant push.
What do you think? Will the GBPUSD manage to regain its footing, or is further decline on the horizon? Share your thoughts in the comments!
