The GBPUSD ran higher today spurred on by follow-through USD selling (GBPUSD buying) after the more dovish Fed, and follow through buying of the GBPUSD pair on the back of a more hawkish BOE today.
The move to the upside worked its way toward the 1.2800 where old swing high area between 1.2789 and 1.27994 on the 4-hour char with ,t and natural resistance against the 1.2800 level stalled the rally.,
Heading into the new trading day close support will come against swing highs from the end of November/early December between 1.2723 and 1.27325. The 61.8% retracement of the 2023 trading range is also a level in play as support just below that level at 1.2719. Going into the new trading day traders will be watching that level on any dip for support buyers.
The video above outlines all the details for the bullish bias and what would hurt that bias going forward. With
This article was written by Greg Michalowski at www.forexlive.com. Source