The GBPUSD took it on the chin on Friday “after the fact” from the Scotland Referendum (the technicals showed persistent weakness too).
The pair has rebounded in trading today, moving back above the 100 hour MA (blue line in the chart below – bullish), but remains below the broken trend line from last week’s trading at the 1.6370 (see this weeks ).
Technical Analysis: GBPUSD finding support on the chart against the 100 hour MA at 1.6323 and the 50% retracement level at 1.62867
As NY traders enter for the day, the pair is finding support against the 100 hour MA (blue line in the chart above). That level comes in at the 1.6323 level currently. There is additional support against the 50% level at the 1.62867. Bulls need to see the price stay above these levels to keep the buyers in control. A break below and the mood may once again turn sour for the buyers. ON the topside, get above the broken 38.2% at the 1.63424 level and then the broken trend line at 1.6370, and the buyers will be feeling a bit better.
Bulls trying to show their support again today. We will see if the follow through can continue.
