GBPUSD Key Levels to Watch as Sellers Try to Carve Swing High

·    May 30, 2024

·      May 30, 2024

·    May 30, 2024

GBPUSD may have just topped out at 1.2800, but sellers need to mind a key support level that’s attracting buyers today.

Get all the details in today’s video, plus the latest on the US Dollar Index (DXY).

On Tuesday, GBPUSD was rejected from a level I mentioned on May 23rd.

In that video, we discussed the significance of 1.2800 resistance, and how a retest there could offer an appealing short opportunity in a 400-pip range.

GBPUSD reached 1.2801 on May 28th before dropping 120 pips as of Thursday’s low.

Bulls are currently defending 1.2685 support, hence today’s bounce.

But it may be short-lived while GBPUSD remains below 1.2800 on the high time frames.

The same goes for the DXY trading above its 2024 channel support at 104.45.

Despite Thursday’s aggressive USD selling, the dollar index has trended higher all year and is sitting just above key support.

For that reason alone, I have to stay cautiously bullish on the USD and therefore bearish on GBPUSD.

That said, timing is everything, and the DXY may want to fill the May 28th imbalance toward that 104.45 key support area.

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