The GBPUSD waffles back and forth near highs

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The pair remains above the 100 hourly MA but below the swing area and the upper end.
GBPUSD is moving back and forth near the highs, but below the recent highs. The high for the week reached 1.33117. Last week’s high reached 1.33094. That double roof is a key roof that, if broken, should open the door up. Before the highs, there is an intermediate swing area between 1.32768 and 1.31912. The high today respected that high zone.

On the downside, the 100 hourly moving average stands at 1.32444 (and rising). There is an area of oscillation between 1.3233 and 1.32444.

With the price above the 100 hourly MA, the choppy tilt is technical to the upside. However, the swing area and the double roof remain obstacles that must be broken.

About the author

Nafees Saifi // entrepreneur, author, trainer, and stocks and FX trader. 
Nafees Saifi is a professional FX trader from, India. Nafees has extensive experience trading commodities, bonds, and equity futures in the Asian, European, and US markets. Nafees holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.


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