The high for the day reached 1.32399
The GBPUSD is lynching up back toward a retest of the highs for the day at 1.32399. Those highs took out swing levels between 1.3199 and 1.32116 (see daily chart below). That’s a key break and buyers are trying to stay in control.
Drilling down to the 5 minutes chart, the corrective low off of the highs at 1.32399 was able to find support within the swing area from the daily chart between 1.3199 and 1.3211. The low price reached 1.32048 and bounced. That was a key hold and kept the buyers in control.
Closer support is being tested along a trend line (see 5 minutes chart below). There is a short-term decision time on the intraday chart against that trend line and the high for the day.
Will the buyers push to the upside? Or will we see a rotation lower with some backfilling toward the key support area between 1.3199 and 1.3211 (the 38.2% to 50% and rising 100 bar MA in that area too). Decision time for buyers and sellers.