GBPUSD has close support near 1.3237
The GBPUSD close yesterday near its 100 hour moving average. The price moved higher in the early Asian session, but stalled near the high from yesterday around 1.3237. The subsequent fall took the price to a lower trendline on the hourly chart AND the 100 hour moving average (blue line in the chart below). Both came in near 1.31886. That is where buyers leaned. Those buyers were able to push the price back to the upside.
The high extended to 1.32717. That was short of swing highs going back to November 10 and November 11 between 1.32768 and 1.32814. It also was short of the topside channel trendline at 1.3287 (see hourly chart above). Needless to say the high price from last week is also in play 1.33094.
Can the buyers continue to push higher?
That might be dependent upon holding support near the 1.3237 area. Hold above that level (see red numbered circles), and the price can base and make another run. Move below and revise see a rotation back toward the 1.3208 – 1.32136 area along with the lower channel trendline.