GBPUSD below the swing lows from Monday, Tuesday and Thursday
The GBPUSD dipped below a swing area between 1.38715 and pair 1.38761, taking the the pair to a new session low for the week at 1.38605. Even so, the range the week is only 94 pips which is very narrow.
The price has rebounded modestly off the low level, and currently trades right near the old high of the swing areas at 1.3876. A move above that level could lead to some intraday covering before the weekend on the failed break.
If instead the old floor can hold (be a ceiling), that would send the pair into the new week with a negative/bearish bias.
The range this week was mostly up and down and non trending. The high was on Wednesday when the pair moved above a swing area between 1.39305 and 1.39569. That break failed, as did other attempts on Thursday. Today, that swing area did hold resistance (see green circle 7), before moving lower on the back of the stronger US jobs report.
So the buyers had their shot. THey missed. Now the sellers are taking their shot. Will they miss, or will they lead to a more downside trend early next week?
