Corrects 38.2% of the day’s trading rangeThe GBPUSD has pushed off the low at 1.3411 and moved the the 38.2% of the range today at 1.34505.
The move higher takes the price back above the 1.34439 level. That was a swing high post-Brexit in 2016. Key test for the pair on the correction.
The last few minutes are seeing the pair move back lower and below that 1.34439 level to 1.3435. Is the correction over, and more downside to come? Sellers seemed to have come in. Traders should use the 1.34439-50 area now as intraday trading resistance to see if the sellers can remain more in control.