Can the price move back above 1.5000 now?
The GBPUSD fell with the overall dollar bullishness after the CPI (it seemed like there was just buyers no matter what, after the 8:30 data). The fall took to the price to test the high from last week at the 1.4980 level (see prior post) and the 50% midpoint of the days trading range at 1.4983 (see 5 minute chart below). The first look held the support. Now the test is to see if the market can get and stay back above the 1.5000 level? A break of the 1.4980 should trigger stop selling.
Looking at the 5 minute chart, the fall also held near the 100 bar MA (see blue line in the chart below). This increases the levels importance on a intraday basis at least.
PS....As soon as I hit post button. the price pushes below.
The dollar buyers were lurking and with the EURUSD move below the 1.0777 month midpoint level, are taking more control.
