GBPUSD extends the trading range and gets above the swing area (again)

Technical Analysis

Can the price of the GBPUSD stay above the 1.4102 to 1.4112 area.

The GBPUSD is extending the narrow trading range and in the process has moved above the swing area between 1.41021 and 1.4112….again.  Earlier in the day, two separate hourly bars moved above that level, only to fail. The pair has now CLOSED ABOVE that area for 2 additional hourly bars and is working on the third.   Bulls are making a play.  Stay above is more bullish.

The next targets come in at the swing highs from last week’s trading. 1.4152 was the swing high from Wednesday, 1.41578 was the swing low on Monday, and 1.41659 was the high price on Tuesday. Those of the next steps for the next break.  

Looking at the weekly chart below, a move above the high from last week would target the high for the year at 1.4240 (from February 24). Above that, is the midpoint of the move down from the 2014 high (and highest level since 2008) which comes in at 1.42996 (call at 1.4300).

Invest in yourself. See our forex education hub.

Articles You May Like

USDCHF bounces as flight to safety flows abate. What levels are in play going forward?
German Ifo business survey the highlight of the agenda in European trading today
Nvidia reportedly working on version of new flagship AI chip just for Chinese market
Ford Motor is about to report earnings. Here’s what to expect
U.S. Treasury auctions off $70 billion of the 5-year note at a high yield of 4.121%