GBPUSD
GBPUSD bounces to recent lows

The GBPUSD moved lower on the much better US jobs report. The price moved below the 50% retracement of the move up from the July 14 low at 1.20261. The price also dipped below another swing target near 1.2006, but could not move below the natural support at 1.2000 level.

That support, and the rebounding US stock market in early US trading, squeezed some of the shorts and pushed the price back up toward the swing low from yesterday and the swing low from last Friday near the 1.2062. The current prices trading just around that level. A move above and another swing area between 1.20866 and 1.20989 would be targeted. The broken 38.% of the move up from July 14 comes in at 1.2089.

The initial GBPUSD run lower is seeing some covering flows with a rotation back toward close resistance targets. Will the seller come in on the correction and put a lid back on the pair and resume the dollar buying? The levels are set.