GBPUSD rotates lower after high today stalled at the high from yesterday

The price is now lower on the day in down, up and down day

The GBPUSD has rotated lower in what has been a down, up and back down trading day. The high for the day reached up to test the high from yesterday at 1.39827 (the high yesterday was just below that at 1.39813), and found willing sellers. The last five trading hours have had lower closes. The prices also lower on the day (closed near 1.3958). The current price is trading at 1.39419.

The Asian session low reach 1.39337. That was still comfortably above the 100 day moving average at 1.39204. Recall from yesterday the price move above the 100 day moving average for the first time since June 25. Moving above and staying above is more bullish from that technical perspective . A move below would tilt the bias more to the downside in trading today on the failed break.

Looking at the daily chart, the high prices yesterday and today did fall short of topside target resistance between 1.4000 and 1.40167. As mentioned, the high price reached 1.39827.

For the week, the low for the week was at 1.3736 on Monday. The high was at 1.39827 today. The total range is 247 pips which is higher than average.  

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July 31, 2021 at 01:34AM
Greg Michalowski
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