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GBPUSD prevents back toward the recent lows near 1.1350 – 56
The GBPUSD moved to a new low going back to 1985 on the Fed hike, with the low reaching 1.12349. The price then snapped back higher and raced back to the swing lows from Friday, Monday and yesterday between 1.1350 – 1.13568. The high price reached 1.13564 on the rebound between that swing area (see red numbered circles). Sellers leaned, the price has since moved back to the downside and currently trades at 1.1287.
Holding under that old floor (now a ceiling) will define the risk in the short-term. Stay below is more bearish. Move above and there could be more probing to the upside with the downward sloping trendline near 1.1377, and the falling 100 hour moving average near 1.14016 as the next targets to get to and through.
Remember also the 1.1404 – 1.1408 were swing lows from September 7 and going back to the March 2020 pandemic low. That area is also key for the bullish or bearish bias going forward.
For now, the holding of the 1.1350-568 area keeps the seller in control.