The GBPUSD initially moved lower during the Asia-Pacific session following the election results, as traders reacted to the uncertainty surrounding the outcome. However, that same uncertainty also fueled speculation that potential policy changes could ultimately prove supportive for the economy, helping buyers regain confidence as the session progressed.
Technically, buyers continued to lean against the rising 100-hour moving average (currently at 1.35924), with dips finding willing support. That buying helped fuel a stronger upside rotation during the North American session. The move higher pushed the pair above a key topside trendline near 1.3627, increasing the bullish bias.
After breaking above the trendline, the price targeted last week’s high near 1.3643. A sustained move above that level — and above the early May high at 1.36569 — would open the door for further upside momentum and take the pair to its highest level since mid-February.
Beyond that, traders would begin targeting the next major swing area between 1.3725 and 1.3772. If bullish momentum continues through that zone, attention would then shift toward the 2026 high from January at 1.38688.
It would take a move back below 1.3627 and then the rising 100 hour MA at 1.35924, to increase the bearish bias today and going forward.
