GBPUSD turns back down from test of last week’s high

  


The price high last week reached 1.38983. The high today reached 1.38877.

The GBPUSD reached a high last week of 1.38983. Today, the price reached a high of 1.38877. Going back to is 11, the high prices reach 1.38872. The inability to move above those swing highs and extend the range has led to a rotation back to the downside over the last few hours.

The move to the downside has also moved below a swing area between 1.38715 and 1.38774. That area will now be close intraday resistance. Stay below it keeps the sellers more in control (close risk for sellers). 

The low price has reached 1.38544 in the current hourly bar.

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For the week, the initial move was to the downside into Wednesdays trade. That low found support near a swing area between 1.3725 1.3732. The inability to move below that swing low led to the rotation higher. Thursday’s trade saw strong buying demand as the price rebounded back above moving average levels including the 200 hour moving average, the 100 hour moving average, and the 200 day moving average.

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