GBPUSD tests key swing level as sellers take control at least in the short term.

GBPUSD has shifted lower in recent sessions, but today the price is holding just above a critical swing level at 1.27187—a zone marked by multiple highs and lows stretching back to November 2024 (see red circles on chart). Late yesterday and early in the Asian Pacific session today, the price bottom new this level. The swing level has consistently acted as a pivot in the past, and today's price action around it may determine the next directional move.

A break below 1.27187—especially with momentum—would increase the bearish bias and expose the next downside targets. Immediate support comes in at the 50% retracement of the 2025 range near 1.2653, followed by the 100-day moving average at 1.26305. Below that, a swing level at 1.2550 and the 61.8% retracement at 1.2523 would be eyed.

On the topside, the 200-day moving average—currently near 1.28127—remains a key resistance target. The price fell below that moving average earlier this week and remains a crucial barometer for broader directional control. Staying below the 200-day MA keeps sellers in the driver’s seat.

🔹 Key levels to watch:

• Support: 1.27187 (swing level), 1.2653 (50% of 2025 range), 1.2630 (100 day moving average

• Resistance: 1.2784 (38.2% retracement), 1.28127 (200-day MA), 1.2860 (200 bar moving average on the 4-hour chart)

• Bias: Bearish below 1.28127; momentum builds below 1.2717 (swing level)