GBPUSD test (er...moves above) the 1.3200 target

Technical Analysis

Author: Greg Michalowski | gbpusd

The GBPUSD tests the 61.8 and the 1.3200 level (I mean squeezes above).

The GBPUSD has moved higher on the choice of the amendments. Those choices are about ruling out no deal on March 29th which has appeased some of the fear of a hard Brexit for traders. There are still a lot of balls in the air but the bulls remain in control (see earlier post here) .

The GBPUSD tests the 61.8 and the 1.3200 level (I mean squeezes above).

The price has moved to a new session high at 1.3205 on the news. In that run, the price did extend above the 61.8% of the move down from the Feb 27th high at 1.32003. That level is also a natural resistance level and should be a tough nut to crack.  The price has indeed moved back below and trades at 1.3196.  

The buyers remain in control though and although the market is having some apprehension around the target, shorts must still be cautious.  

PS.  As I type the pair just moved to new session highs as the news is giving the market some relief. New high at 1.3215 as shorts are forced to cover.   It will now take a move below the 1.3200 level to give sellers some small relief. That is the minimum. 

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