At the moment, the pair has failed to hold above the round level of 1.3400, which it briefly broke during the Asian session. From a technical standpoint, the recent repeated failures near the 100-period Simple Moving Average (SMA) favor the bears in GBP/USD. Moreover, the negative oscillators on the daily chart suggest that any subsequent rise may quickly fade and should be viewed as an opportunity to sell.
Therefore, to confirm a broader bullish move, it would be prudent to wait for sustained momentum above the 1.3484 level and above the 100-period SMA before opening long positions. Buying beyond the psychological level of 1.3500 would lift GBP/USD above the supply level at 1.3530–1.3535, paving the way toward the round level of 1.3600.
On the other hand, the 1.3370 level may continue to provide support. A break below this level would lead GBP/USD to retest the 1.3330–1.3323 level, or nearly the two-month low reached in September. A further decline below the round level of 1.3300 would act as a new trigger for bears, opening the way to more significant losses.
