Forex technical analysis: GBPUSD retraces back to the high/resistance

Technical Analysis

Author: Greg Michalowski | gbpusd

38.2% retracement and swing high from August

The GBPUSD has swung back higher on the back of EU/Brexit news, and in the process is back up from when the decline today started. That level comes in at the 1.3266/67 level.   Looking at the daily chart below, the level corresponds with the 38.2% of the move down from the September high and the swing high from August.  

Earlier today, the pair stalled at the area and fell toward support at the underside of a broken trend line.  The pairs run up took the price back above the 100 and 200 hour MAs at 1.3168 and 1.3191 respectively. It is also back above the 200 bar MA on the 4-hour chart at 1.32375.

If the buyers are going to keep the momentum going, that 200 bar MA at 1.32375 will be eyed as close support. Stay above and a break of the double top today and the other tech levels at 1.3266/67 will be likely. 

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