GBP/USD Pulls Back to Key 1.3446–1.3465 Support After Surging Past MAs

GBP/USD has retraced to the targeted swing area between 1.3446 and 1.3465 after yesterday's powerful rally that broke through multiple critical technical levels. The pair initially found support at the rising 200-hour moving average before surging through a dense cluster of key moving averages near 1.3400, including the 100-hour, 100-day, and 200-day moving averages — a significant technical achievement that shifted the near-term bias firmly in favor of buyers. The current pullback into the 1.3446–1.3465 zone coincides with the 61.8% Fibonacci retracement level, making it a high-probability support area where dip buyers may re-engage. A successful hold above this zone would reinforce the bullish outlook and could set the stage for another leg higher, with the prior session highs serving as the next upside target. Conversely, a sustained break below 1.3446 would undermine the bullish breakout and shift focus back toward the 1.3400 moving average cluster. Traders should closely monitor price action at this confluence support for directional cues.