50% of the March trading range busted
The GBPUSD is trading below the 50% retracement of the move down from the March 9 high (the March trading range). That level comes in at 1.2304. The high from earlier the day reach that level and backed off. The 2nd look is breaking above the resistance level.
The price action yesterday took the price back above the 2016 low price at 1.1840 and above the 2019 low price at 1.19578. Getting above those levels tilted the bias from the longer term prospective back to the upside. The correction higher has continued in trading today and getting above the 50% is another bullish move.
