Headline: Pound Rebounds as GBP/USD Reclaims Key 38.2% Level, Eyes Resistance Zone
The British pound recovered against the US dollar after an early wobble, with GBP/USD reclaiming a key Fibonacci retracement and pressing back toward recent highs. Traders are watching a tight cluster of technical levels that continue to define the near-term direction in the forex pair.
After the latest employment figures, GBP/USD slipped below the 38.2% retracement of the mid-October downswing near 1.3142 but quickly found support at the converging 100- and 200-hour moving averages around 1.3119. The subsequent rebound lifted the pair back above the retracement and held on a retest, inviting fresh buying interest and restoring positive intraday momentum.
The advance has taken price back toward a heavy resistance area between 1.31855 and 1.31913, which includes the 38.2% Fibonacci mark of the broader decline. The pair printed an intraday high near 1.3183, just shy of that barrier, after previously topping around 1.3191. While the pound holds beneath this zone, sellers retain some control. A clear break and close above 1.3191 would strengthen the bullish bias and open the door to further upside, whereas failure to clear resistance keeps the focus on 1.3142 and the 1.3119 moving-average support band.
Key Points: – GBP/USD recovered after an employment-data dip, reclaiming the 38.2% retracement near 1.3142. – Buyers defended the 100- and 200-hour moving averages clustered around 1.3119. – The pair is testing a key resistance zone at 1.31855–1.31913, with a recent high near 1.3183 and prior peak around 1.3191. – A breakout above 1.3191 would tilt momentum decisively in favor of the bulls. – Failure at resistance keeps the range intact, with support eyed at 1.3142 and 1.3119.
