The GBPUSD is trading higher in is a poaching a key resistance and its 100-hour moving average at 1.2681. Also near that level is the high of a swing area between 1.2654 and 1.26858.
Get above that level would be needed for the buyers to have a technical “win” after steady selling over the last six trading days. The GPBUSD is on a 6 day down streak that has taken the price from a high of 1.3000 on November 7 to a low on Friday at 1.25963.
On a move above the 1.2681 – 1.26858 area would have traders looking toward the broken 61.8% retracement 1.27322.
Conversely, stay below and traders will look back down toward the 1.26137 level which was near swing lows going back to June 26, June 28, and July 2.
This article was written by Greg Michalowski at www.forexlive.com.
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