GBPUSD trades higher in an up and down trading session

GBPUSD trades higher in an up and down trading session

Price is higher for the week.  BOE decision sent the pair to the highs yesterday.

The GBPUSD has been
trading up and down today.  We currently
trade around 1.4140.

The last move today,
was to the upside after holding support near the 38.2% of move up from last
Friday’s low (near 1.4090)
. A trend line and the swing high from Monday at
1.4087 also helped to stall the fall today (see chart above). 

For the week, the
price is up from the 1.3939 close from last Friday
. The low for the week was on
Monday at 1.3913. The high for the week. was reached seconds after the BOE
interest rate decision yesterday where 2 members voted for a hike. That high
reached 1.4215, but the price backed off and ended near the lows for the day.

Today’s ups and
downs (and now ups), has the pair trading near the high for the day at
1.4149.  A topside trend line – that
failed on the break higher yesterday) comes in at 1.4157
. That is the next target on continued upside momentum. 

Looking at the daily chart, keep an eye at 1.4145-49 area. 

The 1.4145 was the swing high from February 16. The high from Wednesday reached 1.4149. The high today just reach 1 4148.  A move above that area should solicit more buying.  Stay below (sellers could be leaning right now), and the price rotates back lower. Testing. 

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