GBPUSD tests this week's and last week's highs.

Technical Analysis

Author: Greg Michalowski | gbpusd

Highs for the last two weeks are betwe

Highs for the last two weeks are betwe
The GBPUSD is back up testing the highs from earlier this week and the high from last week. The highs came between 1.37451 and 1.37582. The price just reached 1.3751 between the levels and found sellers leaning against the area.  The current price is trading at 1.3740.  

If the pair is to increase the bullish bias, getting above that area will be eyed technically. 

For the week the price action has seen lots of ups and downs. The price close at 1.3676 last week. So the price is higher on the week. In between however there was a rush down to 1.3608 on Tuesday, and a rush back to the upside on the same day and into Wednesday up to the high for the week at 1.37582. The 2nd half of Wednesday and into Thursday saw price fall again, only to rally strongly yesterday in the NA session.  For today, the up and down volatility continued with a sharp fall followed by a sharp rise over the last 4-5 trading hours.  

Lots of ups and downs.  As a result am not surprised at the selling against the highs.  Buy low/sell high has been the pattern this week (but if the price goes above, we should see more upside). 
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