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GBPUSD is bouncing off the support target.  Higher the day, but…

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GBPUSD is bouncing off the support target. Higher the day, but…

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GBPUSD Stalls Near Support Swing Zone

GBPUSD this week fell below the 100-day MA on Monday and remained below Tuesday and Wednesday. Yesterday, the price continued lower and broke below the 50% midpoint of the rise from the 2021 low hit in November at 1.34533 (see daily chart above).

Yesterday’s pair low hit 1.33574. This was 5 pips off the low of a swing zone between 1.33524 and 1.33757. Today’s low was also in this swing zone, but above yesterday’s low at 1.33645. The price pushed higher. That’s good news for dip shoppers.

The less good news (at least for now) for buyers comes from the price action on the hourly chart.

Looking closer, the pair is facing key upside resistance from Monday and Tuesday lows between 1.34345 and 1.3439. The 50% move down from Wednesday’s high comes in at 1.34407.

When price broke below this swing zone yesterday, sellers pushed further lower, pushing the pair to the lows (and towards the aforementioned support on the daily chart).

So the price is higher today after holding the support target on the downside. However, air resistance is looming. It will take a move above 1.34407 to give bulls some more hope (and then the 100 hourly MA after that). Without it, sellers are still controlling and buyers are still hoping.

GBPUSD is bouncing off the support target.  Higher the day, but…

 |  Today Headlines

GBPUSD has upper resistance to reach and cross again

GBPUSD is bouncing off the support target. Higher the day, but…

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