GBPUSD runs to swing area target and backs off

GBPUSD swing lows from February 24 and March 2 stalled near 1.3271

Read this Term post here), and in the process broke above the 1.3211 area which stalled rallies last week and yesterday, and the 38.2% retracement of the move down from the February 18 high at 1.32448.

The high price just reached 1.3273. That level dovetails the swing lows from February 24 at 1.3272, and the swing low from March 2 at 1.32709. The price has rotated back down toward 1.3255 after the test of that target area.

On the downside now, watch the 38.2% retracement 1.32448 for support. A move below that could disappoint the traders looking for the break and run. Stay above, however, and the bias remains in the favor of the buyers (and keeps the door open for another run to the 1.3270 to 1.3272 area.

Other support on a break below the 1.32448 level comes near the 1.3211 level which was the high yesterday and last week (see green numbered circles).