GBPUSD stalled against the key technical levels today
Looking at the GBPUSD price action on the daily chart, today saw a key downward sloping trendline and retracement level tested and hold.
- The trend line connects highs going back to February 18 and August 10. That trendline cuts across at 1.16514.
- The 38.2% retracement of the move down from the January 2022 high to the low reached on September 26 comes in at 1.16479.
The high price today reached 1.1645, just below both those key target levels.
With the technical levels holding resistance, it increases the levels importance going forward. Stay below is more bearish. Move above and we should see further upside momentum. The 100 day moving average comes in at 1.17403 and would be a target on the topside on a break.
The current price trades off those levels at 1.1588 currently. Looking at the 4 hour chart, there isn’t much support until you get down to 1.14949 (swing highs from October 4, October 5, and October 25). Below that a lower swing area at 1.14042 would be eyed.
GBPUSD rotates away from it retracement/trendline resistance