GBP/USD Surges to May Highs, Breaks Above 50% Retracement at 1.3503

GBP/USD has surged approximately 0.50% during Thursday's session, breaking through multiple key technical levels to reach its highest point since May 2026. The pair climbed decisively above the 100-hour moving average and the critical 50% retracement of the 2026 trading range at 1.3503, signaling strengthening bullish momentum. The advance has also extended beyond the July high of 1.35573, establishing new multi-month highs and opening the door for further upside. The breakaway from the 50% Fibonacci retracement is a significant technical development, as this level had previously served as a resistance ceiling. Traders should now watch the 1.3503 level as potential support on any pullback, while the next resistance zone lies near the 61.8% Fibonacci retracement of the 2026 range. With the price trading above both the moving average and the midpoint retracement, the technical bias remains firmly bullish. A sustained hold above the July high could attract additional buying pressure and momentum-driven flows toward higher targets.