GBPUSD trading back toward mid range

Technical Analysis

Author: Greg Michalowski | gbpusd

Midpoint of day at 1.2736

The GBPUSD has chopped highed and lower today. The price reached below the 1.2727 level but stalled ahead of the 50% at 1.27037 (low for the day reached 1.2707).  We trade near mid-range at the 1.2736 level.  The price is also near unchanged on the day.

Midpoint of day at 1.2736
The ability to hold the 50% of the last run higher, gives the buyers more control, but the 1.27418-47 needs to be broken followed by the June highs at 1.2757 and 1.27624.  

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