- GBPUSD held support against the 38.2% of the move up from yesterday’s low at 1.6006 (see chart above)
- The price is looking to test the 100 bar MA (blue line in the chart above) at 1.6037 and the high from yesterday at 1.6040.
A move above this level opens the upside for further momentum.
The high on April 2nd came in at 1.6061. That high was taken out in trading today with a new high printed at 1.6076. These would be targets on a move above the 1.6040 level today.
The range for the month has been extended to 272 pips with the new high today. This still is low from a historical basis (have to go back to 2002 for a more narrow trading range). The most recent low range was 315 pips in February of 2011.
