GBP/USD Rallies Off 100-DMA Support as Broad USD Selling Resumes

GBP/USD staged a sharp reversal during Wednesday's session after testing a critical swing area between 1.3446 and 1.3465, which aligns with the 100-day moving average at 1.3465. Early European selling pressure drove the pair to an intraday low of 1.3455, but buyers decisively stepped in as sellers failed to sustain momentum below the key technical level. The recovery was amplified by a broader wave of USD selling triggered by sharp downside momentum in USD/JPY, likely linked to Japanese verbal intervention concerns. The pair has since raced higher but is now stalling near a swing area ceiling, suggesting near-term resistance is capping gains. Traders should watch for a sustained break above this resistance zone to confirm bullish continuation, while a failure here could see the pair consolidate back toward the 1.3465 support. The 100-day moving average remains the pivotal level; holding above it keeps the bullish structure intact. Near-term direction will likely depend on continued USD dynamics across major pairs.