1.37451 to 1.37582 are swing highs going back to January 21
The GBPUSD has moved sharply higher and has now retraced the entire moved to the downside. As per the earlier post, the GBPUSD had moved down to test its 200 hour moving average (green line) and sellers were trying to stay back below the broken trend line.
However, the price move back above that trend line and sellers turn to buyers helped by those technicals.
Now the pair is back knocking on the ceiling area between 1.3745 and 1.37582. There have been a number of swing highs going back to January 21 in that area. Needless to say, sellers may continue to lean against that ceiling with hopes that the pair can rotate back to the downside. They also have a close stop above the 1.37582 to lean against.
Conversely a move above the ceiling should solicit more momentum buying on the back of the break. Traders would then use the 1.37451 level as a stop.
So key level for both buyers and sellers.
