GBPUSD tests March high...corrects
The GBPUSD pushed higher after the BOE interest decision. Other GBP pairs also saw increased GBP buying with the EURGBP moving negative on the day. However we are seeing a correction in the GBPUSD back below the 1.4400 level and a test of another support area.
Looking at the GBPUSD, the pair's high price extended to 1.4423. The March high price from March 11 came in at 1.4435. Close but no cigar.
Looking at the daily chart, the pair crossed the trend line connecting recent highs at around the 1.4400 level. We are seeing a retreat back below that level. A move above will be needed to help the upside cause now.
Another support level on dips to eye comes in at 1.4351-78 area. Looking at the 4-hour chart, the area between those levels, had a number of swing highs and lows going back January 12th. The price just traded to a low of 1.4365. Keep an eye for support buyers against the 1.4351 level.
Looking at the EURGBP on the hourly chart, the high from earlier did find sellers against a topside trend line. The tumble took the price below the lows from yesterday but we are seeing a corrective move higher as the GBPUSD comes off from it's peak. Markets are moving.