GBPUSD holding below the "yellow area" again....

Technical Analysis

Author: Greg Michalowski | gbpusd

The 1.2768-74 putting a lid on the price action again...

As per the prior post, the GBPUSD has been choppy. Nevertheless, we can not sway from what we see and the tools we use. 

The 1.27687-74 area has been a swing level not on since the end of May, but if you look back to April (and even December 2016), there are a lot of swing levels in that area (see red circles in the chart below). 

Yesterday and today, volatility from the FOMC, BOE, data and perhaps politics has taken the pair above and below that area. The last 4-5 hours has seen that area reestablish the level as a ceiling.... Be aware. The sellers are making a play at taking more control (if it stays below the 1.2774).  

PS The price still needs to break below 100 hour MA below at 1.27265.