The GBPUSD tested the 38.2% of the move up from the March 15th low at the 1.58594 level and trendline support and has moved back higher. Traders could not resist the temptation to buy against support it seems. The midpoint of the days range corresponds with the 200 bar MA on the 5 minute chart at 1.58956 (see below). This along with the 100 bar MA just above that level at the 1.5899 level, should solicit some selling interest.

We are all looking for some movement but the market continues to muddle along with little conviction. This keeps the upside and the downside open for a potential move. Below the 1.5857 and above the 1.5899 would be clues for me today. Let’s see.