50% retracement alsoin the vicinity.
The GBPUSD moved back above the 200 hour MA - helped by the EURGBP which peaked at the 50% retracement level (see prior post by CLICKING HERE).
The rally back higher has found a cluster of resistance on the topside starting with the 50% retracement of the move down from last week's high to the low from yesterday. That level comes in at 1.4508. Just above that these the 100 hour moving average at 1.45138 currently. The high price stalled at 1.45148.
I would expect that topside area to continue to provide resistance on tests with stops on a break above.
Meanwhile, back at the EURGBP, the pair corrected lower and tested the 50% of the day's range and the 100 bar MA (blue line in the chart below). From the prior post, the 0.7850 level was a strong enough level to stall the rally in it's tracks. The support level has defined a corrective bottom. PS EURUSD making new day highs...helped by EURGBP. Will the GBPUSD come off too? S&P down 10 points as I type (0.54%)
