GBPUSD sellers reestablish control after move higher fails

The GBPUSD is lower on the day after a move back above the 50% retracement in the European session (at 1.2866). The price has rotated back to the downside funding support near the 1.28000 level, but staying below the 50% midpoint level as well.

In trading today, it would now take a move below the 1.28000 level (and the 61.8% retracement of the move up from the June 29 low at 1.2801) to increase the bearish bias. The 50% midpoint now is the risk level. Before that, watch the 1.2835 – 1.28486 area as potential early resistance.

This article was written by Greg Michalowski at Source