The 1.3208-11 are two January swing highs
The GBPUSD high for the year was on January 2 at 1.3265, but there were two swing highs on January 7 and January 31 at 1.3211 and 1.3208. In trading today the high price reached 1.3200 and backed off. It will take a move above that area to solicit more buying.
Drilling to the hourly chart below, if the daily chart has defined a upper level at the 1.3208-11 area, the hourly chart has defined a lower level. That area comes in at the 1.30626 to 1.3069 area. Looking at the chart below, swing highs going back to February 5, 13, and 14 stalled the fall. A swing low price for the London session came in at 1.30617. Holding that level will be eyed as a bias/risk defining level. Stay above and the buyers remain more in control. Move below and sellers are taking more intraday control. We currently trade at around the 1.3100 level.
The support and resistance levels are wide, however they are real.
