Technical Analysis

GBPUSD extends higher today, but runs into last week’s highs

The GBPUSD remains above the 1.2727. Thers is something about that area.

The GBPUSD continued the move higher today (yesterday the GBP was the strongest currency on the back of better jobs data) but it did run into resistance near the highs from last week at 1.27624 (the high reached 1.2758 today). The runs higher today, did move above a lower swing area at 1.27418-471 (see yellow area and blue numbered circles), but those breaks failed.   

On the move down off the highs, the 1.2727 area stalled the falls (the lowest low after the highs reached 1.2725).  That area (see green circled numbers) has a number of swing levels. Yesterday I wrote:

On the topside, there is something about the 1.2727 area.  That is a level that needs to be broken and stay broken, if the buyers are to take more control.  Above that, and the buyers would start to look toward the 1.2742-47 area (yellow area).  

There is something about the 1.2727 level. There is also something about the 1.2742-47 area.  Both will be barometers for me in trading today.  Move below the 1.2727 is more bearish. Move above the 1.2742-47 is more bullish. 

ForexLive

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