New high for the day in the GBPUSD
I spoke to a key swing area between 1.37451 and 1.37582 yesterday. The pair based in that area in the NY session and moved higher to test the March 26 high at 1.3811. That stalled the run, and into today, the price rotated back down AGAIN.
Once more, the pair moved to the swing area and found support buyers first at the low extreme at 1.3745 and next at the higher swing extreme at 1.37509. Is that the one and two last times the market will test that key swing area? Will the buyers keep and extend upside momentum now?
Like yesterday, the pair needs to extend now above the 1.38116 area and stay above. If it can do that, traders will next eye the 50% retracement at 1.38353, and above that the 1.3846 high for the week.
Close support is now at the 100 and 200 hour moving averages between 1.3766 and 1.3770. Admittedly, the price has been shopping above and below that area over the last 24+ hours. So, there could be disappointments once again. Traders have to be prepared for that. Right now, the buyers are making the play with the 1.38116 level providing the resistance for more control.
