1.3199 to 1.32116 is an area to watch
Looking at the daily chart of the GBPUSD, the swing highs from January and March peaked at 1.3199 to 1.32116. Last week, that area was broken on 4 successive days. On one of the days, the price closed above the level (on Tuesday). Despite trading to new highs going back to December 2019 on Wednesday, the price could not stay above the swing area by the close. As a result, the price move lower. The low on Monday reach 1.30528.
Today, the price has move back up to retest that key swing area. In fact, the price moved back above the swing area to a high price of 1.32184 before rotating back down. We currently trade at 1.3206.
Even though the pair traded above and below the area last week and again today, I still hold the area as a key barometer for the bulls and bears going forward. If the price can get and stay above the area we should see further upside momentum with the next target at 1.3283. The high price for 2019 reached 1.35139.
If the price can hold resistance (after the failed peek above the area today), we should see another rotation back to the downside as buyers turned to sellers once again.
A little fundamental news from HERE as the price the Brexit clock ticks down
