The GBPUSD indeed found support in the 1.6151-58 area, broke above trendline resistance and tested the 100 hour MA (see previous post by clicking here).
- The momentum continued higher with the pair moving above the 100 hour MA (blue line in the chart above) at the 1.61818 level
- The next target at the 200 hour MA is now being tested (green line) at 1.6193.
- A move above will look toward the 1.6206 (50% in the chart above).
- 61.8% at 1.6228 comes after that level.
On the downside, I will be looking for support in the 1.6168-74 area now. Staying above this level, will keep the bulls in charge on the intraday chart.
