The pair traded within a broad rebound after the late-April washout and enters Wednesday close to the upper edge of the recent recovery zone. GBP/USD recovered sharply from the 1.3450 area and climbed back toward 1.3590, where the market is now testing whether the move can develop into a full daily continuation rather than stall into sideways trade. The recovery has already been strong enough to shift sentiment, but the pair is also approaching an area where sellers may try to re-enter.
For the whole trading day, the structure stays positive while the market holds above the pivot and keeps rejecting deeper pullbacks. A sustained move above nearby resistance would confirm that buyers still control the session and may try to retest higher zones from the previous breakdown. If the pair loses the pivot, however, the latest rise may turn into a completed corrective leg, with room for a wider retracement lower. So the day starts with a bullish bias, but with clear sensitivity near resistance.
Current price: 1.35835
Pivot: 1.35720
Nearest support levels: S1: 1.35580, S2: 1.35360, S3: 1.35080
Nearest resistance levels: R1: 1.35980, R2: 1.36220, R3: 1.36520
Note:
Above Pivot: If the pair remains above 1.35720, buyers may extend the rebound toward 1.35980 and 1.36220. If the rally broadens through the session, the next upside target may come at 1.36520.
Below Pivot: If the pair drops back below 1.35720, a broader correction may develop toward 1.35580 and 1.35360. A deeper daily decline would then expose 1.35080.
