The 100 bar MA at 1.32376 and the 50% at 1.3239 are other resistance levels. Stay below that yellow area keeps the sellers more in control. The sellers remain in control, but that swing area needs to be broken to solicit more selling momentum/potential. We will see/time will tell if the technical bias and Brexit anxiety can attract the sellers for the next push. But risk is defined and limited.
GBP/USD Daily Forecast - 6 July
- Thursday, Jul 05 2018
The GBPUSD is steady at 1.3222 but has given up all the gains from earlier in the day and remains nearer the day lows. Technically, the fall did find support against a swing area in the 1.3203-16 area (see earlier post and the red numbered circles/yellow area on the hourly chart above). Buyers leaned against the swing area and the price has seen a modest correction. Price corrective rise has stalled near the 38.2% of the day's trading range and below the 200 bar MA on the 5-minute chart (green line in the char bellow at 1.3233).