That strength carried the pair into a higher swing area between 1.3448 and 1.3475, which also contained the 50% midpoint of the range since the May low at 1.3464. The day’s high reached 1.34745, just shy of the top of that zone, but failed to break through convincingly. Since then, the pair has rotated back lower and is now trading below the 1.3448 swing area low.
What next? Buyers showed strength by reclaiming the 100-hour MA and briefly surpassing the 50% midpoint, but failed to sustain gains above it or reach the 200-hour moving average (green line). The failed break above the midpoint at 1.3464 now defines a risk level for sellers, and a target for buyers aiming to reassert control.
On the downside, the 100-hour MA at 1.3416 remains the key short-term support. From the current level near 1.3435, a pullback toward that MA is possible. Buyers will likely lean against that level on the first test, but if it breaks, momentum could shift quickly in favor of sellers, with potential to revisit the 1.3378–1.3360 support zone.
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about gbpusd backs off after reaching resistance target was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( GBPUSD backs off after reaching resistance target )
Also on site :