Rallies in NY session but still off the highs
The GBPUSD is up testing the 200 hour MA for the 2nd time today. Earlier today the pair peaked above the level but then fell sharply lower. THe Markit Service and composite PMI came in weaker and forced the pair lower. Now the MA is being tested for the 2nd time (at a lower level (1.53523). Although at the same MA, the slope has brought the line lower. The high for the day remains at 1.5374. Key test for the bulls and bears in this down and up trading day for the pair.
Looking at the 5 minute chart, the 1.5328 area was a floor yesterday and today (broken on the data release). ON the way back higher the price stalled around the area (above and below) before moving to the 200 hour MA test at the 1.5352 level (see green horizontal line). If the 200 holds, look for close support against this level.
