Swing area target above tested (the next hurdle).
The GBPUSD has moved higher today after an earlier decline in the European session fell below a lower swing area between 1.3283 and 1.3291 and failed (see red numbered circles) . The low for the day reach 1.3280 and rebounded. The sellers had their shot. That shot quickly failed. The buyers to control.
That control sent the price back above its 200 hour moving average at 1.33606 in the late London morning session. The price has been able to stay above that level over the last 3+ hours. That is now support/risk for traders. Stay above is more bullish.
On the topside, the high price reached 1.3397. That is at the low of a swing area between 1.3397 and 1.34054 (see green numbered circles. Getting above would open the door for a further probe to the upside with 1.3429 to 1.3441 as the next target area.
Sellers had their shot. They failed. Buyers are taking their shot. Can they continue to run by staying above the 200 hour MA and getting above the 1.3397 to 1.34054 area now?
