Forex Trading: GBPUSD Tested Key Resistance Overnight
The GBPUSD moved up to key topside resistance overnight against the 50% retracement and the 200 day MA at the 1.5924 and 1.5937 levels respectively. The inability to extend higher led to a quick sell off during the London morning sesssion that took the price from the high at 1.5927 to the low at 1.5868. The 38.2% of the move up from yesterday’s low came in at 1.5873. When the price stalled at the level, the market started to form a base against the level. It currently trades in the middle of the range.
Trader’s who are long will likely take solace that the 38.2% found support buyers. However, that resistance against the 50% and the 200 day MA will be a big hurdle to overcome. Hence, I would look for any rallies toward the 1.5924-37 area to find intraday sellers. A break of the 38.2% would likely see more selling.
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