Earlier today in the introductory video, I talked about GBPUSD price action and the next target.
In the review I said the following:
At that time, the price was trading at 1.3324.
So what happened?
The price moved above the 1.3338 level and the price moved to the high swing area dating back to 2021 and 2022 until it reached the 1.3358 level. The high price reached the 1.33585 level.
Buyers were unable to push the price above 1.3358, so buyers sold instead, which has now pushed the price back to 1.3338.
So what next?
The 1.3358 level has held resistance but it has not disappeared. In fact, it makes the level more important in the future.
However, this has given sellers some control at this level. So what should they do now?
A break below 1.3338 is the next hurdle. If they can break below this level, it will give them more confidence at least from a short-term trading perspective. Other correction targets are expected near 1.3316 (last Thursday’s high) and then 1.32977 (last Wednesday’s high (from Fed day).
Conversely, if the price rises above 1.3358, don’t mess with short selling. The buyers are in full control. I expect more bullish buying in GBP/USD.
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