Headline: GBP/USD Breaks Above 1.3200 as Bulls Secure Key Fibonacci Support
The British pound extended gains against the US dollar, lifting GBP/USD above 1.3200 and clearing the early-week highs. The move also reclaimed the 38.2% Fibonacci retracement of the mid-October decline, signaling improving bullish momentum despite firmer US Treasury yields and mixed Federal Reserve expectations.
After an early slide below the 200-hour moving average near 1.3116, buyers stepped in ahead of a swing level around 1.3095. The rebound carried the pair back above both the 200-hour and the rising 100-hour moving average, now near 1.3150. With the 1.3186–1.3190 retracement zone converted into support, that area acts as a clear near-term risk pivot for trend-followers.
On the topside, initial resistance sits at 1.3218 (the October 30 high), followed by the 50% midpoint of the October pullback at 1.32399. A sustained break beyond those thresholds would turn attention to the 200-day moving average around 1.32769. Conversely, slipping back under the 38.2% retracement would weaken the bullish bias and refocus support at the 100-hour moving average near 1.3150, then 1.3116 and 1.3095. The advance comes even as US 2-year and 10-year yields edge roughly 2.3 basis points higher, with markets pricing near-even odds of a 25 bp policy move in December and a 30-year Treasury auction on the radar.
Key Points – GBP/USD trades just above 1.3200 after breaking Monday–Tuesday highs. – 1.31855–1.31902 (38.2% retracement) now serves as first support and a near-term risk pivot. – Early dip below the 200-hour MA at 1.3116 reversed; the 100-hour MA near 1.3150 is rising. – Upside levels: 1.3218, then 1.32399; above 1.32769 brings the 200-day MA into focus. – A move back below 1.3190 would dent the bullish setup and spotlight 1.3150/1.3116 support. – Dollar softens despite firmer US yields; 30-year Treasury auction watched for rate cues.
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