The GBPUSD saw some upside momentum earlier today in the Asian-Pacific session, rising modestly but ultimately remaining capped below its declining 100-hour moving average, which currently sits near 1.3359. That technical ceiling continues to define the near-term bias, with sellers leaning against it to limit gains.
As trading transitioned into the European and U.S. sessions, the pair’s movement became more contained, carving out a relatively narrow range between 1.3313 on the downside and 1.3351 on the topside. For most of the day, however, price action has been centered within the 1.3323 to 1.3341 zone, an area that has taken on renewed importance from a technical standpoint.
This band represents a key swing area that acted as a solid support floor through much of early August, repeatedly halting downside attempts. That changed about two weeks ago, when the floor was broken decisively to the downside, leading to an acceleration lower that ultimately bottomed out at 1.3259 on Friday.
Now, with the pair hovering just below that former support zone, traders are closely watching to see whether the GBPUSD can reclaim the broken floor — turning it back into support — or whether sellers will continue to defend the area as a ceiling, reinforcing the broader downtrend that remains in place.
Traders await the next shove momentum.
