January 24, 2025 at 08:30PM
The GBPUSD is the biggest mover today with a run to the upside of above 1% on the day. Better PMI data for manufacturing and services gave the pair a shove to the upside. Technical breaks were a tailwind for the move as well.
Technically, the run higher saw the pair move above a swing area and swing area between 1.23515 and 1.2375. After correcting to the high of that area and finding willing buyers, the upside was greenlighted and momentum increased.
The subsequent move higher saw the 50% of the move down from the December high at 1.2453 was tested and then broken, The 200 bar MA on the 4-hour chart at 1.2472 was also broken, but resistance at a topside channel trend line and high of a swing area near the 1.2500 level has given buyers some cause for pause.
In the new trading week, the 50% level at 1.2453 will be eyed as close support. Staying above is more bullish. Moving below and there could be some further downside probing on the disappointment from the break.
Find out more by watching the above video.
This article was written by Greg Michalowski at www.forexlive.com.
