The 1.3379 level was the March 2019 high
The GBPUSD raced to a high of 1.35139 in the first hour after the exit polls started to come out, but that high could not be breached again. The run higher did take the price above the old 2019 high from March at 1.33795, the 1.3400 natural level of resistance and the 61.8% retracement of the move down from the 2018 high. That comes in at 1.34524.
Looking at the hourly chart, the price action after the spike to the high, tried to stay above the 61.8% retracement. However about 7 or 8 hours ago,, the price dipped back below that level and stayed below. Buyers at the highs were caught.
We have now just moved back below the 2019 high price (for the 2nd time) at the 1.33795 level (the price earller breached below that level on its way to an intraday low price of 1.3356). That low level is now a target along with the 38.2% retracement of the move up from yesterday's low price of 1.33365.
Technically, buyers will need to see a move back above the old 2019 high at 1.33795 to feel a little better technically. Failure to do that, and more dip buyers started to feel the pain.
