GBPUSD runs to swing area target and backs off

The GBPUSD GBP/USD The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a Read this Term has also raced higher today (see GBPJPY GBP/JPY Understanding GBP/JPY: A Comprehensive GuideThe GBP/JPY is the currency pair encompassing the British pound of the United Kingdom (symbol £, code GBP), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how much Japanese yen is needed in order to purchase one British pound. For example, when the GBP/JPY is trading at 165.00, it means 1 British pound is equivalent to 165 Japanese yen. The British pound (GBP) is the world’s fourth most traded currency, whilst the Japane Understanding GBP/JPY: A Comprehensive GuideThe GBP/JPY is the currency pair encompassing the British pound of the United Kingdom (symbol £, code GBP), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how much Japanese yen is needed in order to purchase one British pound. For example, when the GBP/JPY is trading at 165.00, it means 1 British pound is equivalent to 165 Japanese yen. The British pound (GBP) is the world’s fourth most traded currency, whilst the Japane Read this Term post here), and in the process broke above the 1.3211 area which stalled rallies last week and yesterday, and the 38.2% retracement of the move down from the February 18 high at 1.32448.

The price high just reached 1.3273. That level dovetails the swing lows from February 24 at 1.3272, and the swing low from March 2 at 1.32709. The price has rotated back down toward 1.3255 after the test of that target area.

On the downside now, watch the 38.2% retracement 1.32448 for support. A move below that could disappoint the traders looking for the break and run. Stay above, however, and the bias remains in the favor of the buyers (and keeps the door open for another run to the 1.3270 to 1.3272 area.

Other support on a break below the 1.32448 level comes near the 1.3211 level which was the high yesterday and last week (see green numbered circles).