Move to the upside failed

UK PM May's speech has come and gone and the GBPUSD has continued its up and down trading.

Looking at the 5 minute chart, you can see the ups and downs. It is not a pretty picture as it fights Brexit and the tariff battle in the two front war.

Taking a broader look at the 4-hour chart, the pair this week moved below a floor area at the 1.3836-56. That was a bearish move. It is a risk level for shorts going forward. Stay below is more bearish.

A closer level for bears come in at the 1.3800 area. Looking at the chart above, that area was a floor on Feb 12 and Feb 14 (see blue circle 1 and 2). Today the price moved above that level in the ups and downs. We are now below that level and the current hourly bar has used that level as a ceiling (see blue circle 3). Stay below it, and the bias is more bearish.

On the downside,t he 1.3763 was the low from February 9th. The price needs to get and stay below that level if the bears are to keep the pressure on.

SUMMARY: Sellers are more in control A move below 1.3763 and staying below will be eyed for further downside confirmation. The 1.3800 level is close risk for shorts now. A wider risk level is the 1.3836-56.