GBPUSD Holds Its Ground for Rallies Today


GBPUSD battle is underway with risk/bias defining levels set

The GBPUSD made three attempts higher today.

  • The first of the first Asian session stalled against a descending trend line on the hourly chart.
  • The second move higher stalled near a swing zone high between 1.1350 and 1.13835. The highest price reached 1.13816.
  • The third upside move stalled near the lower end of this swing zone at 1.1350.

These remain the bearish lids that market traders have been leaning against in trading today. It would take a move above 1.1350, 1.13835 and the descending trendline to increase the bullish bias going forward.

On the downside, the 100 and 200 hourly moving averages at 1.12598 and 1.12479 (and moving higher) would be needed to increase the downside bias (blue and green lines).

All in all, there is an ongoing battle. The battle lines are drawn. The current price is trading between levels near 1.1300. Traders are waiting for the next shove, but the support and resistance targets seem well defined.


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