The next target at 1.5447 and 1.54819
The GBPUSD continues it's bullish run after the weaker than expected US retail sales and PPI. The pair has pushed above the 1.5400 level for the first time since September 22nd.
The 61.8% retracement of the move down from the September 18 high comes in at 1.5447. This is the next major target for the pair. Above that, the 100 -day moving average looms large at 1.54819. It would be a stretch to get that high in trading today, but the pair is in the midst of a trend move after bottoming on the employment data against the 200 hour MA (see chart below), the pair has surged higher (from 1.5267 to 1.54208). Trends are fast, directional and tend to go farther than expected. Look for 1.5395 to 1.5400 to be close support. The market is pausing with this area as support since the surge higher.....
