Oh no. Buyers give up
The GBPUSD broke above a swing area at the 1.3142 to 1.31496 area and shot up to a high of 1.31696. In the process the price also moved above its 50% retracement at 1.31534. Risk on the break was at the swing area (down to 1.31423). That risk level has been breached.
Buyers have turned back to sellers.
The price has also now moved back below its converged 100 and 200 hour moving averages at 1.3128 area.
The buyers had their shot. I guess we can’t be surprised given the ups and downs seen recently. It will take a move back above the swing area to turn the beat and bias around.
