Double bottom, gives sellers cause for pause
The GBPUSD is inching up to a new session high. The pair has been waffling down and back up today. The catalyst for the “up” was the double bottom at the 1.2924 area (see red circles in the chart below). The move back above the 50% and swing low at 1.29412 also helped the tone technically. From the hourly chart the 1.3000 area is a key upside target. I would expect sellers waiting to lean against that area on more covering today.
The price action today has seen a lot of ups and downs but buyers are trying to take more control.