The swing zone between 1.3725 and 1.3733.
GBPUSD hit a higher level today after basing near the high of a swing zone between 1.3640 and 1.36537 at the start of the Asian session, finding buyers and moving higher.
The upside of the pair reached another swing zone between 1.3725 and 1.3733. This area was a bottom moving up in late August to mid-September before breaking that low and – for the most part – staying below (there was a brief move above on September 23).
There were some selling which brought the price back to the natural support area of 1.3700. The low just hit 1.3698 (and is currently trading at 1.3705). More selling below the 1.3700 level would have allowed traders to target Monday’s high at 1.36738. It would also remove some of the vapor from the higher movement seen so far today.
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