The GBPUSD moved lower in the Asian and early morning European session, but stalled the fall after buyers leaned against a swing area between 1.2674 and 1.2685. The 38.2% retracement of the move up from the May 9 low is also in that area.
The subsequent bounce has taken the price up to retest its 100-bar moving average and 4- hour chart. That level comes in at 1.27384 and will be the chief barometer going forward into the new trading day. Move above and I would expect more upside momentum. For sellers, a rotation back down would require a break below the aforementioned support tested earlier today.
The video will go through the technical levels in play and explain the importance.
