The GBPUSD also made a run to the upside and pushed to the 1.5433 resistance level (high 1.5434). Sellers have come in against the resistance level as buyers and sellers battle it out at the level. The largest correction for the day does take some steam out of the trend, but the price remains below the 38.2% of the days range and is still below the intraday trend line.
Shorts from below the current levels are not feeling all that well (hence the covering), but the shorts from earlier in the day are still in control. Sellers /shorts will look for a move below 1.5414 to ease some of the correction heat. If the price cannot move below this level, it would be a sign that the buyers and the sellers are more balanced.
