Forex technical analysis: GBPUSD stays in the post-Brexit corrective high area

That's a mouthful

As outlined in earlier posts before the decision, the post-Brexit highs came in at 1.3532, 1.3479 and 1.34439 (from June 2016, July 2016, and September 2016).

The pair was trading above those levels. Staying above through the FOMC would keep a bullish bias with varying degrees.

The low so far has reached 1.3451. The buyers are trying to keep control.

Looking at the 5 minute chart, the correction off the low has been modest (up to 1.34880. Note the bar when the price fell back below the 1.3479 level. It started to accelerate again.

That price action says to me, the buyers are getting more nervous and the sellers are taking more control. The price still needs to get below the 1.34439 to open up more downside, but the sellers look like they are taking more control.

A battle is going on between 1.3443 and 1.3479. We will see who wins this fight.