Technical Analysis

Also above the 38.2% of the move down from the June 10 high.

The GBPUSD as extended above – and away from – its 100 day moving average at 1.2464. The price is also moved above its 38.2% retracement of the move down from the June 10 swing high.  That level comes in at 1.24652.

As if that dual level was not enough. The price also move back above its midpoint of the trading range since the December 2019 high. That level comes in at 1.24611 (see chart below).

GBPUSD on the daily chart

The combination of the 3 technical levels between 1.2461 and 1.2465 – from the hourly and daily charts – now makes that area a key support/risk defining level for buyers and sellers. 

Stay above and the buyers remaining firm control. Move below and there could be some disappointment on the failed break.

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