Tested 50% retracement target and found buyers
The GBPUSD fell to test the 50% retracement of the move up from the January low at 1.29163 earlier today (see daily chart below), and found buyers (see yesterday's post targeting the 50% after the break of the 100 and 200 day MAs - blue and green lines in chart below) . That helped to tilt the sellers back to buyers, and the pair has rebounded higher. The low reached 1.29141 before bouncing.
We just made a new session high (see hourly chart below). In the process, the price is looking to test the key day MAs. The 100 day MA (is at 1.29578 today. The 200 day MA is at 1.2963. After the break yesterday, that 200 day MA held corrections. The area will be key for the near term bias. If the sellers are able to keep a lid on the pair (low risk sellers against stops above the 200 day MA), they remain in control.
A move above an the pair will next look toward the falling 100 hour MA at 1.29782 (currently).
