Lots of up and down price action today
The GBPUSD has seen a lot of up and down chop in th price action today, which makes trading a bit difficult (see 5 minute chart below)
However, sifting through the chop, the pair did stall the rally higher against the 50% retracement of the 2019 trading range and ahead of swing levels going back to mid-January (see red numbered circles). Staying below that level kept the sellers in the drivers seat. The tide of buyers turned to sellers against that level today. That area is key today and going forward.
Yesterday (see 4-hour chart below), the buyers did stall the fall at the lower trend line (see post from yesterday). Like the 50% retracement today, the tide of sellers turned to buyers at that level.
So there is a battle going on wiith support at the lower trend line and resistance at the 50% area.
