The GBPUSD gapped lower on the weekend Russian/Ukraine news. On Friday, the price closed near 1.3409. The pair opened at 1.3322 and moved to a intraday low of 1.33157 before starting to move back to the upside.
The London morning sessions all the pair approaching the 38.2% retracement of the move down from the February 18 high at 1.34134. The New York session has now seen the price extend above that retracement level and move toward a swing area between 1.3430 and 1.3439 (see red numbered circles). A move above that level would next target the 50% midpoint at 1.3457 and the falling 100 hour moving average of 1.3466.
Holding below the aforementioned swing area between 1.3430 and 1.3439 would have traders looking back lower, and help define a short term top for the GBPUSD pair.
