GBPUSD looks higher

The GBPUSD – like the EURUSD – is enjoying a more favorable tone today. Like the EURUSD this pair has been in a steep decline in May. The bottom on Friday tested a major low from Sept 2011 at 1.5269 (low reached 1.5266). THe high on Friday, tested the 38.2% of the weeks range and held at 1.54377. This is the next target for the pair today. A break above looks toward the 100 hour MA (blue line in the chart below) at the 1.54707 level.