GBPUSD backs off the topside resistance.

Technical Analysis

Author: Greg Michalowski | gbpusd

Looks to test (retest) lower technical levels

The next target on the topside is the 1.3286 level which was the swing high from Tuesday's trading. It is also the March 1 high. Yesterday, that high was broken and trended ultimately to the 2019 high at 1.33795.  Watch the 1.3286 level for sellers leaning. A move above will head toward a test of the highs for the day at 1.3330. 
Testing that 1.3286 right now.  Level to eye
That key level did find sellers leaning, and the price has moved lower (see chart below).

Looks to test (retest) lower technical levels

We are currently down revisiting a support area at 1.3231-41 and below that the 50% retracement at 1.32137.  So far traders are giving some respect to the 1.3231 level (profit takers on the quick trade lower perhaps).  

What seems to be somewhat clear from the price action today in the pair, is the bullish joy from the "block the no-deal" yesterday is running into the "what next" dilemma.  

That has traders wary of the upside.  So the price action is more up and down.  Continue to pick your spots though.   The price action and technicals do tell a story and this story has the potential for many different endings.  My advise....listen to what the technicals and "the market" says and not what you may think.

By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose