The GBPUSD is back in the thick of things (i.e. the two month trading range).
- The next key target being the 200 day MA. That level comes in at the 1.5846 level.
- Other support is at the 1.5831 which is the 50% of the move up in March.
- A move below these levels open up the downside for further declines (1.57769 and 100 day MA at the 1.5683 would be the next targets from the daily chart).
Looking at the intraday 5 minute chart, the price has been:
- Tracking below the 100/200 bar MA
- There was one failed move higher after the better than expected PMI at 4:30. That found willing sellers at the 38.2% retracement and 200 bar MA.
- The Moving averages will be used to define the end of the trend. Stay below, continued bearish. Move above, could be a time for pause.