Buyers leaned against support
The GBPUSD fell to new session lows and the lowest level since February 12 after the strike and expected jobs report. However, the pair found support against the swing low from February 12 at 1.37748. The buyers leaned ahead of paint another key swing area between 1.3745 and 1.37582 (see green numbered circles). The inability to move below the February 12 low, has led to a run back to the upside.
The pair has now broken back about the 61.8% retracement of 1.38203. That will be eyed as a biased level intraday. Stay above gives a buyers some confidence. Move below and that confidence will be eroded. Also in play is a swing area between 1.3829 and 1.3840 (see blue numbered circles). That area corresponds with a swing low from February 15, February 16 and February 18. Today, the price try to stall in that area, then broke below into the jobs report. Moving back above is another intraday tilt for the buyers.
Drilling down to the five minute chart below, the pair has now moved back above the 100 bar moving average on the five minute chart. That level comes in a 1.38367. It has also extended above the 50% retracement of the day's trading range at 1.38415. That is a bullish tilt as well intraday. However getting above the 200 bar moving average of 1.38628 is still needed to give the buyers more confidence and scare some of the shorts in the short term.
