The GBPUSD broke below a consolidation zone between 1.3232 and 1.3241 earlier today, after holding that area as support in yesterday’s trade. The downside momentum carried the pair toward a key swing area between 1.32017 and 1.32067—a zone that acted as resistance and later support during the first half of April. Notably, the price based near that level on April 17 before launching a rally that reached the 2024 high at 1.3433, and briefly extended to the cycle high of 1.34413—the highest since 2022.
The moving average levels are midrange barometers or more bullish more bearish. Admittedly, earlier this week, the price traded above and below the moving averages – especially during yesterday's volatile up and down trading. Nevertheless, a move above would be a tilt more in the bullish direction from a technical perspective.
Conversely, find willing sellers here, and the price remains in the bottom portion of the range.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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