Alex Bobrov
⬤ GBP/USD bounced back after hitting support at a rising trendline, halting its recent slide and sparking a short-term recovery. The pair held steady near 1.3625, a level that served as trendline support on the four-hour chart. Buyers jumped in right where technical support lined up, following a rejection from higher levels earlier in the session.
⬤ After the bounce, the price climbed back toward the 1.3665–1.3670 zone, marked as an important intermediate level. This area matches up with nearby Fibonacci retracement levels and short-term moving averages on the chart, making it a crucial spot to watch for the next move. Staying above this zone supports the recovery, while dropping below could trigger more sideways action or another dip to trendline support.
⬤ Looking up, 1.3725 is the main resistance to watch. The chart shows this level has blocked recent rallies and lines up with previous swing highs. "The pair held firmly near 1.3625, a level that acted as trendline support on the four-hour chart," the analysis notes. A clean break above 1.3725 would clear the way toward 1.3785, the next upside target. Without that breakout, though, the pair might just keep bouncing between support and resistance.
⬤ This setup matters for the broader forex market since GBP/USD remains sensitive to momentum shifts and short-term positioning. Right now, the pair is respecting trendline support while approaching a decisive resistance zone. Whether it can push higher or stays stuck in a range will depend on holding gains above 1.3665 and challenging 1.3725 in the coming sessions.
Alex Bobrov
