GBPUSD is trading between technical levels with MAs on the downside and swing area above

<p>The GBPUSD gapped lower today (higher USD) and moved lower into the European session. </p><p>The low prices for the day tested a swing area 1.2159 and 1.2167. Support held in the London morning session and then early US session before moving higher.</p><p>The subsequent run to the upside stall against the low of a swing area between 1.2219 and 1.22316 (see red numbered circles). Sellers leaned against that low swing area. The price currently trades just above the 1.2200 area.</p><p>On a break above, traders would look toward the high price from September 29 at 1.22715 followed by the 50% midpoint of the move down from the September 11 high at 1.22919.</p><p>On a break below the moving averages at 1.21586, traders would target a swing area between 1.2105 and 1.21109.</p><p>With the technical support holding below and technical resistance holding above, market traders will wait for the next shove. Until then, the ups and downs continue between the two areas. </p>

This article was written by Greg Michalowski at www.forexlive.com.