200 hour MA broken. 50% retracement tested.
The GBPUSD tested and held against the 200 hour moving average yesterday on 2 separate occasions. Today, the pair made a break for it - rising above the key moving average and the buying really didn't let up until the price reached the 50% retracement of the move down from the may 21 high to the June 1 low at the 1.5434 level (the high reach 1.5437). This high also corresponded with the May 27 swing high.
The price has reversed since peaking - helped by a reversal in the EURUSD as bond yields slowed their ascent higher. The GBPUSD is now approaching the 200 hour MA again at the 1.5333 level. The close from yesterday comes in at 1.5337. I would expect that the combination should at least find some dip buyers/profit takers from the shorts above on the first look, with stops below.
