Forex technical analysis: GBPUSD trades above next upside target

Swing low from February 2016 is taken out, but there is some stall/apprehension.

The GBPUSD has moved to new session highs and in the process has moved above a swing low going back to February 2016. That swing low reached 1.38348. Earlier today in the Asian session, the price moved to 1.38353 (just above the key level), but found sellers that took the price down to 1.3755.

The rebound back to the highs has now taken the price to a high of 1.3845. However, there is some two-way up and down price action around the 1.38348 level. The "market" is a bit unsure. If selling takes the price back below the high from Monday at 1.3818, the selling could see some intensity (see hourly chart below).