GBP/USD Maintains Bullish Momentum, Targets October Peak at 1.3133

GBP/USD Maintains Bullish Momentum, Targets October Peak at 1.3133

GBP/USD continues its impressive upward trajectory, having briefly breached significant psychological resistance at 1.3000 to print a new 2025 high at 1.3009 on Tuesday. The pair closed marginally firm at 1.3005, maintaining a bullish tone despite minor intraday fluctuations. Sterling has remained resilient since bottoming near 1.2100 around President Trump’s inauguration, recording 11 fresh annual highs since March 4. Crucially, GBP/USD’s consistent ability to remain above the rising 10-day moving average (10-DMA), currently at 1.2932, signals that bullish momentum is robust and still intact.

Immediate resistance now stands at Tuesday’s high at 1.3009, followed closely by 1.3046—the daily high established on November 6. Notably, further upside could propel the pair toward the upper 30-day Bollinger band at 1.3082, which, if breached decisively, would open the door for an assault on the critical October 7 peak at 1.3133. Technical indicators remain supportive of further gains, with momentum oscillators reflecting sustained bullish sentiment, underscored by the lack of significant corrective pullbacks.

On the downside, key initial support is located at Tuesday’s low of 1.2953. However, stronger support lies closer to the rising 10-DMA at 1.2932. A daily close below this dynamic support could prompt deeper consolidation, potentially testing March 10’s low at 1.2862. Still, given current bullish sentiment and consistent macro tailwinds, dips toward these levels are likely to attract renewed buying interest, limiting downside potential.