In the introductory video earlier today, I highlighted key levels for the GBP/USD pair. On the downside, the 1.3265 level has been a major support.
Looking at the price action of GBP/USD since then (see chart below), the low for the day was 1.32676, just 2 pips below the targeted support level. So buyers headed to the upside. Since then, the price has been rising.
The high price reached 1.33266 which is almost 60 pips from the low price.
What now?
- For bullish traders, GBP/USD (more hawkish BoE/more accommodative Fed) will not want to see a break of 1.3265. After holding on the dip today, the levels are becoming more important today and in the future.
- If the price is going to rise, the price must break the high of the day and then the level of 1.3358.
Looking at the daily chart below the 1.3358 level, we find the high swing area dating back to the period from November 2021 to March 2022. A rise above this area opens the door for further bullish exploration of the pair.
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