Technical Analysis Update: GBPUSD rotates back to support via ForexLive

The GBPUSD kept the days bullish move to new highs and even moved above the 50% retracement at the 1.6346 level (high reached 1.63568). However, sellers have entered and pushed the price back lower.

GBPUSD made it above the 50% but has fallen off.

The pair is back down testing the support area outlined in the PRIOR POST against the 100 hour MA and trend line. The price has tested this level on a number of occasions today.
Once again, the markets are being influenced by flows before the FOMC and the vote tomorrow.  Liquidity and Event risk is high, so be careful.

posted via ForexLive