GBPUSD bouncing back higher after run below MA support levels fail

GBPUSD swings back and forth in volatile trading today The GBPUSD has had a volatile up and down trading session today. The run to the upside saw the pair traded to the highest level since April 14 (ECB rate day). The high also extended above the corrective high from April 14 near 1.30817, but the rise fell short of the 38.2% retracement of the move down from the March 23 high at 1.30958 (the high price for the day reached 1.3089). Buyers are to sellers on the failed break and inability to get to the 38.2% retracement level. The subsequent fall back to the downside was able to get below the 200 and 100 hour moving averages at 1.30408 at 1.3033 respectively. However, that break also failed and the price has snapped back higher currently trading at 1.30632.The failures on either end of the extremes today the is it congruent with the up and down price action and the choppy trading conditions seen in the pair today (and recently for that matter).I would still keep support against the moving averages (and also the swing area see red numbered circles), and resistance at 1.30817 and the 38.2% retracement at 1.30958. Move outside of those ranges,and there should be momentum in the direction of the break. However, traders always have to be cognizant of failed breaks (it is consistent with the recent price action as traders decide the next major move). So monitor the levels closely, and if things go against the expectations (especially on breaks that fail), get out (and maybe go the other way).