GBP/USD Bulls Regain Confidence Above 1.33; Resistance at 1.3437 Key for Extended Rally
Technical Analysis:
GBP/USD regained bullish traction on Friday, rising 0.51% into the North American close, settling firmly at 1.3322 after trading within a session range of 1.3292–1.3333. The pair’s rebound reflects renewed weakness in the U.S. dollar due to fading optimism surrounding U.S.–China trade negotiations. Technically, the GBP/USD recovery maintains a bullish bias, bolstered by solid support provided by the ascending 10-day moving average at 1.3263, which has consistently underpinned the currency pair throughout recent volatility.
Immediate upside resistance is clearly defined at Thursday’s intraday high of 1.3333. A decisive daily close above this near-term barrier would target the upper 30-day Bollinger Band at 1.3392, which represents the next significant technical hurdle for bulls. Beyond this level, the pivotal weekly high from March 4, 2022, at 1.3437, remains a critical longer-term technical resistance; a successful breakout above this mark would signal a strong bullish continuation, potentially accelerating GBP/USD toward the psychological 1.35 area and beyond.
Conversely, key support levels are closely clustered below current trading levels, beginning with the crucial rising 10-day moving average at 1.3263. A break below this moving average would indicate a short-term weakening in bullish momentum, exposing further downside toward the April 17 low at 1.3203. Additionally, a deeper corrective move would place the spotlight on the pivotal 61.8% Fibonacci retracement at 1.3151, measured from the recent rally spanning 1.2712 to 1.3423. Given heightened market volatility driven by ongoing trade uncertainties, GBP/USD traders should anticipate continued rangebound behavior, using clearly defined technical levels to guide short-term positioning.