GBPUSD stays below key cluster of upside technical targets keeping sellers in play/control

<p>The GBPUSD moved higher today, but at session highs, the pair tested but could not get above the 38.2% retracement of the move down from the July high to the October low. That level comes in at 1.2458. The high price today reached 1.2455.</p><p>The subsequent move to the downside took the price back below the 200-day moving average at 1.2441, and the low of a swing area down to 1.24278. The current price trades at 1.2417.</p><p>The inability to extend above the 38.2% retracement is a problem for the buyers. The inability to stay above the 200-day moving average is also a problem for the buyers. The sellers are staking a claim to control by leaning against those levels.</p><p>Those laws a price can remain below those levels, the downside remains the technical bias. On the downside, the next target comes in at 1.2368 followed by 1.2336 (swing levels).</p>

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