The GBP/USD pair had a volatile session today, similar to many other pairs. Following the Bank of England’s decision to keep interest rates unchanged, the price rose to a high of 1.33132. However, the momentum reversed after the US weekly jobless claims report came in better than expected, prompting a bearish turn. The price tested a previously broken swing zone between 1.3221 and 1.3230, where buyers stepped in and pushed the price higher again.
The upward move lifted the price above the highs recorded on August 27 and 28, which were at 1.32659. The current high is at 1.3284, and the price is trading at 1.32785.
As the day comes to a close, buyers remain in control. To assert their dominance, it is essential that the 1.32659 level remains as support. A more conservative stop level for buyers looking for further upside would be 1.3221, the swing low. If the price closes below this level, sellers may regain the upper hand and overpower the buyers.
On the upside, a break above today’s high of 1.3313 would prompt traders to look towards 0.33581. A break above this level would open the door for further upside momentum. The price would also trade at the highest level dating back to March 2022.