February 8, 2023

Forex Solution

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GBPUSD moves to lowest level since April 16. Bounces off a lower swing area.

1 min read

Range for the week up to 168 pips

Range for the week up to 168 pips

The pair moved down to test a swing area at 1.3807 to 1.3811. Dip buyers/profit takers came in against the area and have push the price back toward the 50% retracement 1.3838. 

If the sellers are to remain in firm control staying below that midpoint level would be the best case scenario. Other resistance comes against the swing lows from earlier in the week between 1.38577 and 1.38616. The break below that area today, led to additional selling pressure.  

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