Swing area between 1.3266 and 1.3283
The GBPUSD is testing a swing area on the daily chart between 1.3266 and 1.32833. The pair is currently trading at 1.3277. The swing area goes back to December of last year and also includes swing highs and lows from August and September.
A move above the level will have traders contemplating a run back toward the swing highs from December 2019 and early September 2020. Those levels came between 1.34816 and 1.35139.
Staying below the levels would likely tempt some of the longs to think about liquidating/taking profit. It may also give low risk sellers an opportunity to lean against resistance on hopes that the level holds.
Drilling to the intraday 5 minutes chart, the pair based in the Asian session ahead of its 100 and 200 bar moving averages (blue and green lines in the chart below). The low price at 1.31664 stalled right against its 200 bar moving average. That gave buyers the go ahead 2 push higher in the London morning session.
The largest correction in the North American session took the price back down to test its 100 bar moving average and 50% retracement near the 1.32191 level. However buyers once again came in and stalled the fall.
Going forward, it would take a move back below the 100 bar moving average to tilt the intraday bias more to the downside.