GBPUSD consolidates above and below the 50% midpoint

The GBPUSD has moved down seven of the last eight trading days. That took the price down from 1.37479 to 1.34357 today. The lower price today took out the low from yesterday at 1.3439, but only by a few pips before rotating back to the upside.

The price action today is up and down. The last move has been to the upside, and has taken the price back toward the close from yesterday. The close from yesterday came in at 1.3488. That is about where the price is trading currently.

Technically, yesterday the price fell below its 100 day moving average (blue overlaid moving average currently at 1.3533). Falling below that level gave the sellers the go-ahead to push to the downside and momentum certainly increased in that direction. The low price stalled near an old swing area between 1.34299 and 1.3439. In trading today, the price once again moved into that swing area only to find support buyers. So there is some cause to pause at recent lows.

On the topside, another swing area between 1.3489 and 1.34988 is providing some resistance in the short term. It would take a move above that level to open the door back up toward the aforementioned 100 day moving average. Note, the 38.2% retracement of the range since the December 20 low is also near that key daily moving average at 1.35281.

For now, resistance against the topside swing area (see green numbered circles), and support near the bottom side swing area (see red numbered circles). In between sits the 50% midpoint of the range since December 20. Buyers and sellers are consolidating around that midpoint level and awaiting the next shove