GBP/USD is testing key resistance levels once more after finding near-term support
The pair found a decent support level at the 38.2 retracement level at 1.3364. The hourly chart shows that the level held on quite well as the pair did not close below 1.3364. It held that level earlier in the day before making a run up to the day's highs and it's holding again it seems (circled lines on the chart).
Now the pair is back up to test the 50.0 retracement level of 1.3384 but there's also the 100 (red) and 200-hour (blue) MA sitting at 1.3386 and 1.3384 respectively. It's a level that took the buyers quite some time to break earlier in the day before finding sellers holding coming in at 1.3400 levels.
GBP/USD is now trading back down to 1.3372, the high in the last 20 minutes is 1.3384. Buyers will need to break through this set of resistance levels to get another shot at breaking the day's highs.
But as I noted before, recent price action suggests more rally sellers than anything else - though good news from UK PM May on trade talks can easily swing things the other way round.
