The GBPUSD has been marching higher as per the earlier post (see: Forex Technical Trading: GBPUSD failed on move outside November trading range ).

GBPUSD  moving above the 100 hour MA now.  200 hour MA the next major target for the pair.

GBPUSD moving above the 100 hour MA now. 200 hour MA the next major target for the pair.

As noted in that post, the 1.5618-28 was support. This area was an area of prior lows (see chart below). The level held on the correction, and the price continued the move higher. The pair is now above trend line and 100 hour MA. The 50% retracement is being tested.

The holding of the support at 1.5618 increases that levels importance (key RISK level now for the buyers/longs). The 200 hour MA will now be the next target area at the 1.5679 area.

The dollar is coming under pressure from a weaker stock market and some comments from Fed officials today who are discounting the employment report and suggesting the mid-2015 “lift-off” in rates is still the target.

The GBPUSD held the 1.5618 level  and has moved higher

The GBPUSD held the 1.5618 level and has moved higher