First break above MA level since August 2014
The GBPUSD broke above the 200 day MA for the first time since August 2014 in trading today. The level comes in at 1.5634 (see green line in the chart below).
The price has dipped from the peak today and is taking another peak at the moving average line. The low reached 1.3640 and has bounced back to the 1.5660 area. The 1st test of the line held. Bulls remain in control.
Looking at the 5 minute chart, the 38.2-50% of the move up today has support at the 1.5632-509 area. The 100 bar MA on the 5-minute chart also comes in at the 1.5634 level currently. Needless to say, the 1.5632/34 area is shaping up as a key line in the sand/risk defining level. Stay above and the bulls remain in control. Move below and there may be increasing talk of a failed break.
