Reaches below 1.5000 but not for long

The GBPUSD today extended below the 1.5000 level to a low of 1.4993. This was the lowest traded level since the April 23rd. It may have triggered a barrier option. It may have triggered some stops on the peak below. However, the time spent below the line was minimal.

On the break, the pair did run into other technical levels including a lower trend line on the daily chart (see chart above) along with the top of a support area defined by swing highs and lows between 1.4950 and 1.4994 -(see lower yellow area in the chart above). The combination of all the stuff was enough to push the price back higher.

Now what?

Looking at the hourly chart, the 100 hour MA ( blue line in the chart below) held resistance on both Thursday and Friday. That level is up at 1.5077 at the moment - and moving lower). Before that the 50% of the move down from Wednesday high to today's low comes in at 1.5046 1.0564 Swing lows from Wednesday and Thursday come in at that levels too.

Those are the next targets, as the pair rebounds off what was pretty good support.