Sellers just can't push below 1.3600 area
The GBPUSD was able to crack below the 50% retracement and other swing levels at 1.36296 1.36224, but could not get below the 61.8% retracement nor the low from January 26 at the
the 1.36103 area. The the price initially backed up toward the 50% level at 1.36385, and move back lower, but the last 2 hourly bars has been able to extend back above the 50% level.
The next upside target comes at the lows from Friday and Monday near 1.3656. That level should also be a stall point, but much might be dependent upon if the 50% level can hold support now.
Drilling down to the 5 minutes chart, the 50% of the days trading range comes in at 1.3660. The falling 100 bar moving average is just above that level but moving lower. There is a lot of reasons to think sellers would look to lean against the area, but the quick support bounce off the key support, was not what the buyers wanted to see. So there is a battle going on….