GBPUSD moves into a swing area. Will traders lean?
The GBPUSD has moved into a topside swing area in the 1.22608 to 1.22823 area. Looking at the 4-hour chart, there have been a number of swing lows and swing highs (see red numbered circles) including the swing high from mid- February (the last time the price tested the area).
Traders focused risk could use the area to sell, with a stop above. Hold resistance and fall back below 1.22608, could see a rotation back toward 1.22028 as a downside target.
This article was originally published by Forexlive.com. Read the original article here.