The sellers could not prove they could get the price below the next target, so the GBPUSD now sits between support/a rock and resistance/a hard place now. In terms of prices – 1.55338 and 1.5600.
Sellers against the 1.5600 can still feel that they have great trade location. Buyers against the 38.2% can still feel that they have great trade location too. The sellers at 1.5540 are less happy. Buyers at 1.5570 feel the same. Hence the waters are muddy as we wait for someone to take firm control. The borderlines are set. Someone will be happy on a break. Someone will be sad.
