GBPUSD moves back into swing area | Forexlive

The GBPUSD has seen a dip back into a swing area between 1.1865 to 1.1900. The corrective low on the 4 hour chart above reached 1.1878.

The high price today extended up to 1.30283. That got within 22 pips of the 50% midpoint of the trading year at 1.20499. Close enough?

The GBPUSD pair has been on a run to the upside in November, moving about 880 pips from the November 4 low (7 trading days). So, it not all that surprising there was some cause for pause ahead of the 50% midpoint for the trading year.

What next?

Hold support and the buyers can make another run to the midpoint.

Break support and the pair can see a further corrective move toward 1.1717 to 1.1788 swing area.