The GBPUSD surged to its highest level since 2022 earlier today, driven by stronger-than-expected UK CPI data that reinforced hawkish rate expectations. The rally took the pair above both the 2024 high at 1.3433 (not shown) and the 2025 high at 1.34419, with the advance stalling at 1.34695.
After peaking, the pair pulled back and moved back below those multi-year highs. Buyers turned to sellers, and turned the price back toward a swing area between 1.33619 and 1.33784, but found buyers ahead of the lower boundary, bottoming at 1.3388.
The price has rebounded in the early US session, and brought price action back into the resistance zone between 1.3423 and 1.3441 – the old highs from 2024/2025.
A second break above this resistance area would signal renewed bullish momentum, especially if the pair can pierce and hold above the intraday high at 1.34695. Conversely, failure to extend above 1.3441 or a sharp rejection from current levels could spark further downside pressure, with traders eyeing a return to the 1.3378–1.3362 area as the next potential support zone, followed by the rising 100 hour MA and the 38.2% retracement both currently at 1.33438
