Forex technical analysis: GBPUSD tested retracement and sells off

Sellers stall at the 61.8% retracement

As per an earlier post the sellers leaned against the 61.8% retracement level. That level came in at 1.30784. The high reached 1.3081. No momentum on the peek above the level. The holding against the level gave the sellers the go ahead to sell.

The selling has taken the price to a low of 1.30393. The underside of the broken trend line comes in at 1.3034. Other support will be eyed at the 50% retracement at 1.3020. The low for the day reached 1.30181. That holding gave the buyers the go ahead to buy.

There was a technical reason to buy (the 50% retracement). There was reason to sell (the 61.8% retracement).

Now with the price between the lower retracement and the higher retracement, and the price just above the broken trend line, look for that line to be the barometer for bullish and bearish in between. I do like the 50% holding, but that rejection bar off the high, is not all that great looking too. The battle is on.

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