In the kickstart video from earlier today, I highlighted the key levels in the GBPUSD. On the downside the 1.3265 was key support.
Looking at the GBPUSD price action since then (see chart below), the low price for the day came in at 1.32676, just 2 pips short of the targeted support. So the buyers leaned. The price has since moved higher.
The high price has reached 1.33266 nearly 60 pips from the low.
What now?
- For traders who are bullish the GBPUSD (the BOE more hawkish/the Fed more dovish), would not want to see that 1.3265 level broken. After holding today on the dip, it increases the levels importance today and going forward.
- If the price is to go higher, the price needs to get above the high for the day and then teh 1.3358 level.
Looking at the daily chart below the 1.3358 is the high swing area going back to November 2021 to March 2022 time period. Get above that area opens the door for more upside probing in the pair.