Forex technical analysis: GBPUSD moves back into post-Brexit "swing area"

Technical Analysis

Author: Greg Michalowski | gbpusd

The 1.34439-1.3532 area is home to swing levels from 2016 post-Brexit trading

Back in 2016 during post-Brexit trading, the GBPUSD corrected up to 1.3532, 1.3479 and 1.34439 from June to September. It was not until September 2017 that those levels were broken.  There have been one week where the close for the week was above the topside extreme at 1.3532. There have been 3 weeks with closes above the lower extreme at 1.34439. 

 
We are currently trading above the lower extreme at 1.3449 with one more day in the week. That would keep the bulls/buyers happy. 

Drilling down to the hourly chart, the pair is back above a topside trend line for the 2nd time today.  The first failed BUT the corrective low stalled at the high from yesterday at 1.3429.  That level is a risk level for longs now. Stay above is more bullish. Move below and the buyers today, will likely throw think twice about the break.
 

SUMMARY Buyers are more in control with close risk at 1.3429.  The pair is back above a longer term swing area (at 1.34439) and also above shorter term support too (at 1.3429).   The 1.34617 is the next target. Above that and the door opens for further gains with 1.3479 (swing high from 2016) and 1.3532 (another swing high from 2016) as targets to get to and through.