GBPUSD moves to lowest level since April 16. Bounces off a lower swing area.

Technical Analysis

Author: Greg Michalowski | gbpusd

Range for the week up to 168 pips

Earlier I commented about the 118 pip range for the GBPUSD. That range represented the  lowest range since 2019.  That range is now 169 pips as dollar buying pushed the pair sharply to the downside (and technical breaks also contributed).  

Range for the week up to 168 pips

The pair moved down to test a swing area at 1.3807 to 1.3811. Dip buyers/profit takers came in against the area and have push the price back toward the 50% retracement 1.3838. 

If the sellers are to remain in firm control staying below that midpoint level would be the best case scenario. Other resistance comes against the swing lows from earlier in the week between 1.38577 and 1.38616. The break below that area today, led to additional selling pressure.  
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