Now testing an intraday support
The GBPUSD made new week highs earlier. The high yesterday reached 1.3548. The high today reached 1.3549.. Oh no. Buyer do not like to see that.
So the price has come down.
Looking at the 5 minute chart above, the price has moved below a trend line by a few pips. The pair also is testing the 100 bar MA on the 5-minute chart at 1.3527 area. The price is stalling a bit, but sits on the edge of tumbling more to the downside.
Taking a broader view, from the weekly chart, remember post-Brexit swing high came in at 1.3532. We are back below that level now (see weekly chart below). It is not the end of the world - a move below the 1.34439 would be more damning - but it is not the best news for the buyers. That would especially be the case if the 5-minute picture deteriorates further.
Right now though it is not yet over for the buyers, but we are sitting on the edge....