Trades up and down today
The GBPUSD post Brexit had swing highs at 1.3532, 1.3479 and 1.34439 back int the month's following the vote in June 2016 (yellow area in the chart below).
It took until Friday, to trade higher than those levels On Friday the price of the GBPUSD traded up to 1.3616. Yesterday the high extended that high but only by two pips to 1.3618. The failure to extend further led to a corrective move lower back into area of the post-Brexit highs (between 1.34439 and 1.3532.
Today, we are seeing lower highs and those highs are starting to peak near the 1.3532 level (see hourly chart below). The NY session high stalled at 1.3536. The last three hourly bars have been below the highest corrective high after Brexit at 1.3532. Stay below and we could see a further rotation lower. That would be bearish.
Having said that, the trading is up and down today and the low today has stalled ahead of the low from yesterday (low yesterday was 1.34639. Today's low reached 1.34683). Those lows are also above the 1.34439 swing high from 2016. That is bullish.
So there is a battle. The battle is centered in the yellow area from the daily chart. That area was defined by the post-Brexit swing highs from June, July and September 2016.
Get above 1.3532 is more bullish. Move below 1.3479 and then 1.34438 and the bias is more bearish.
The market, right now, is trying to decide what it wants to do with a little more bullish bias.
