The GBPUSD surged higher yesterday, extending its rally toward a key swing level at 1.34797. However, during the Asia-Pacific and early European sessions, the pair corrected lower, retracing back to its converged 100-day and 200-day moving averages near 1.3398. The day's low reached 1.3400, just a couple of pips above that critical support zone.That test proved to be a turning point. Buyers stepped back in aggressively, driving the pair back above yesterday's highs and through the 1.34797 swing level. The break has pushed the GBPUSD to its highest level since July 16, giving buyers more control from a technical perspective.With 1.34797 now broken, the next upside target comes in near 1.3517, followed by the July high at 1.35573.The rebound highlights the importance of the 100-day and 200-day moving averages as a technical barometer. By defending that support, buyers kept the broader bullish bias intact heading into the new trading week. As long as the pair remains above those moving averages, the technical advantage stays with the bulls. A move back below them would be needed to shift control back toward the sellers. This article was written by Greg Michalowski at investinglive.com.