Trades back below the high from yesterday.
The GBPUSD has come off what was new highs since March 21. The price high reached 1.2800 level and traded above that natural resistance level but only to 1.28014.
Looking at the daily chart below, The pair moved above the 200 day MA on Friday and closed above that MA level (at 1.26735) over the last 3 trading days (green line in the chart below). Stay above on a correction lower, keeps the buyers still in control from that daily chart perspective. On the topside, a topside trend line cuts across at 1.28328 today (and moving lower). Traders will behind that level on further upside momentum
The fall has now taken the price back below the high from yesterday's trading at 1.27543 and within a swing area range from 1.27303 to 1.27543. The close from yesterday comes in at 1.2726. The London session low bottomed just above that level I.2727.
If the sellers are to take more control getting below the close from yesterday would take the price below the swing area, the low for the London session, and have traders looking toward the rising 100 hour moving average at 1.26862.
Failure to move below those levels, may not mean we head back up to the highs right away, but does not give the sellers more ammunition and confidence for further downside probing.
