The GBPUSD has bounced off the lows and moved back toward a key resistance zone defined by the swing area between 1.33607 and 1.3378. The 38.2% Fibonacci retracement of the move up from the April low also sits within this zone at 1.3375, increasing its technical significance.
So far, buyers have stalled near this cluster, suggesting the sellers are defending the level. A move above the zone would shift the bias more neutral in the short term, while staying below keeps the sellers in control as the day comes to a close and traders look toward Fed day tomorrow. .
This article was written by Greg Michalowski at investinglive.com.
