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The GBP/USD currency pair has maintained a clear bullish bias after steadily recovering from its late July low near 1.3272. After touching a high of 1.3674, the pair entered a period of tight consolidation, trading within a narrow range between 1.3623 and 1.3652. This lateral price movement has allowed the rising 100-hour moving average, currently located around 1.36329, to catch up with the spot price, serving as a dynamic technical floor for short-term buyers. From a market perspective, technical traders are actively utilizing the 100-hour moving average to define their risk parameters. As long as price action remains elevated above this key technical barometer, the broader upward momentum remains intact. A successful breakout above the recent resistance level of 1.3674 could clear the path toward upper target zones between 1.3725 and 1.3772, with longer-term eyes set on higher swing peaks. Conversely, a downside breach of the 100-hour moving average would signal a slight cooling in short-term bullish momentum rather than an immediate trend reversal. Initial support on any pullback rests near 1.3617, followed by the more significant 200-hour moving average around 1.3587. Market participants will be closely watching these moving average levels to gauge whether buyers can sustain control or if a deeper correction is underway.
