GBPUSD cracks above swing level at 1.3122 today but sputters and falls back down

Technical Analysis

Can the underside of the broken trend line stall  the fall around 1.3100 area?

The GBPUSD moved higher in trading today and in the process broke above a trend line connecting highs from March 27, April 4 and even today (at 1.3098 currently).  The price also moved above a swing area defined by swing lows and highs at 1.31221 (see green numbered circles). That break did lead to more buying to the session high at 1,3132, but the price has since moved back below that key level.

It is Friday before a weekend with Brexit on peoples minds (although there is less anxiety due to the October 31 extension).  So markets can be influenced by flows.  Technically, intraday support is at 1.3098 area. ON the topside the 1.3122 level needs to be re-broken and stay broken. 

ForexLive

Products You May Like

Articles You May Like

J.P Morgan is soaring on earnings, and its rivals won’t be able to catch up, says expert
AUDUSD turned away at the 200 day MA /trend line
Cramer’s lightning round: This one’s always a bridesmaid, never a bride
AUDUSD moves higher, then the AUSDUSD moves lower. What to watch next?
USD/JPY hits six-week high as positive vibes continue

Leave a Reply

Your email address will not be published. Required fields are marked *