GBPUSD, EURGBP and GBPJPY near the day's extreme
The GBPUSD was the big gainer today - trading with 4 separate handles in the process. The pair did stall at the 1.4500 level but that could be expected given where it came from.
Looking at the 5- minute chart, the pair has sideways its way through the trend line. The 100 bar MA is catching up as well. In the new day, watch the MA line for clues.
The GBPJPY is trading above the 200 hour MA, the 100 hour MA and is trying to get and stay above the 50%. The underside of the broken trend line is moving further away (as a result of the slope) but buyers are looking like they want to push for it.
The 100 hour MA comes in at 0.7816 and the price has been trading above and below it over the last 6 or so hours. The 38.2% of the move up from the March 10 low comes in at 0.7811 and the is where the pair is trading. There is other key support below (100 bar MA on the 4-hour at 0.7796, the 200 hour MA and 50% retracement at 0.7781-84 and the 200 bar MA on the 4-hour at 0.7765, but you need to get and stay below this level first before tackling the next. The buyers bounced off support but is that idea fading? Seems that way.