GBPUSD moves higher and back toward key resistance

The GBPUSD has continued its corrective move higher and currently trades at 1.2300.

That takes price closer to the swing low from the end of May near 1.2308, and also the broken 61.8% retracement of the 2023 trading range at 1.23142.

I would expect that if the sellers are to remain in control, they would defend that area as resistance (lean against the area with a stop above). If traders hold against the area, traders will look back toward the low for the day at 1.2227 and the swing low going back to March 24 at 1.21877.

This article was written by Greg Michalowski at Source