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GBPUSD retests key 1.3446 to 1.3465 resistance after surge
After rebounding to 1.3557, the pound dollar has fallen back to the prior breakout swing zone, with traders watching whether it holds as support around the 61.8% retracement level.
Forexlive reports that GBPUSD surged higher, breaking multiple technical hurdles and shifting near term bias toward buyers, after finding support near the rising 200 hour moving average at 1.3404.
The rally pushed the pair through the 1.3446 to 1.3465 swing area, which also aligns with the 61.8% retracement of the decline from the May 1 high at 1.34598. Upside momentum accelerated into 1.3557, briefly above the May 12 and May 13 swing highs at 1.35526, before the move stalled into the close.
In later trading, the pair rotated back lower and is now testing the same 1.3446 to 1.3465 zone, with the 61.8% retracement at 1.34598 being retested, according to Forexlive. The outlet said holding that former resistance as new support would keep the higher path in play, while failing to hold could point to a deeper pullback toward the moving average cluster near 1.3400, including the 100 day and 200 day moving averages.