Trying to extend above the 100 bar MA on the 5-minute chart
The GBPUSD did find the support buyers against the 200 hour MA and the 50% retracement of the move up today at the 1.5585/87 area (see earlier post) The price is now trying to get and stay above the 100 bar moving average on the 5 minute chart. The next target being the 1.5627 level.
NOTE: just to be sure all understand. This is not a trade that should be taken into the events tomorrow. The risk through them includes not only the market risk but also event and liquidity risk. So risk is too high for my liking. This trade was spawned from a low risk support area against the 200 hour MA and 50% retracement level. The trade is dependent on getting above the next targets and staying above. The 100 bar MA and the 1.5627 area are two of those targets.
ACT levels are doing their jobs today....
