The GBPUSD did a reversal in trading today after testing and holding trend line, 200 hour MA (green line in chart below)) and 50% at the 1.62867 area (see chart below). The subsequent rally, has pushed the price toward the underside of the broken trend line at the 1.6422 level. Yesterday, the market found sellers against this level. I would expect a similar effort in trading here today.
Look for support against the 100 hour MA (blue line at the 1.6350 level).
TechnicalAnalysis: GBPUSD finds support and finds resistance.
The move lower and then sharp move higher has me thinking that the market is in a trading mode today. So suggest being patient and look toward the extremes outlined above for trade location. If we do get a break, will keep a wary eye, but the range of 112 pips for the day, may be enough already.
