GBP/USD Holds Above Key Support Level Amid Bullish Momentum
The GBP/USD pair is holding steady around 1.3450, maintaining its bullish momentum above the 100-hour simple moving average (SMA). This technical indicator has emerged as a critical support level for the pair in recent sessions.
Traders are closely watching the upcoming UK inflation data and US jobless claims, which could inject volatility into the pair. A softer US dollar and cooler Fed expectations that support sterling could also lift risk assets, including crypto, potentially increasing flows to centralized exchanges (CEXs), decentralized exchanges (DEXs), and Decentralized Finance (DeFi) protocols.
The 100-hour SMA has repeatedly bounced off this indicator over the past few sessions, suggesting sustained bullish momentum in the short term. The next resistance for the pair is seen near 1.3500, while a break below the moving average could expose the 1.3400 handle and stronger support.