GBPUSD rally nears key 1.30139 resistance as buyers push trend to new 2025 highs | Forexlive

The GBPUSD has been in a steady uptrend since bottoming at 1.20987 on January 13, a low that aligned closely with support levels from September and October 2024 (see red circle on the daily chart). Since then, the pair has continued to step higher, carving out a series of higher lows and higher highs.

In February, price action found support at a swing area between 1.22986 and 1.2335, reinforcing bullish intent. That momentum carried into March, with the pair moving back above the 200-day moving average, currently at 1.28028, and into a key swing zone that extends up to 1.28612. Notably, dips over the past two days have stalled just ahead of that upper swing area, signaling strong underlying support.

The pair is now trading at new session highs, reaching 1.2989, just shy of the March high of 1.30139, which also marks the highest level for the year. A break above that level would likely spark further bullish momentum.

Zooming into the hourly chart, early-day price action saw a bounce in GBPUSD following the Trump tariff news, which triggered a wave of buying. The initial move higher tested the 100-hour moving average near 1.2922 (blue line on the chart), where sellers initially leaned in. However, the downside was limited, and once the price broke above the 100-hour MA, bullish momentum carried it through the 200-hour MA as well.

That initial breakout, though, was short-lived, as the price chopped back and forth. The encouraging sign for buyers came when the pullback found support once again at the 100-hour MA, reinforcing its importance. That successful retest gave bulls the green light to resume the move higher, lifting the pair toward the 1.3000 psychological level.

The pair is now trading near key resistance at 1.30139, the high for March and the highest level for the year. A sustained break above that level would strengthen the bullish bias and open the door for further upside.

On the flip side, failure to break above 1.30139 would dent short-term bullish momentum. Still, it would take a drop back below the 200-hour MA at 1.2949 and especially the 100-hour MA at 1.2922 to shift the bias more definitively in favor of sellers.