A bunch of swing lows/highs
The GBPUSD is up testing a congestion area defined by swing lows/highs and 50% at 1.5173-86. The price high just peaked at 1.5189, but has backed off. This looks to me like a key line in the sand for the pair. PS. The close from Friday came in at 1.5185.
For the last few weeks (going back to Nov 11th), the price has found support against the level. There was a break below on the 17th but that was reversed. Today the break took the price to a low of 1.5124 but we have seen a push higher in the last few hours.
Sellers are trying to hold the line. Existing home sales came in at 5.36M annualized units. This was a touch lower than expectations. US stocks are little changed with the S&P unchanged and the Nasdaq up 0.16%.
