50% of the move down from the Thursday high.
The GBPUSD has raced higher today (and over the last six or so hours) and in the process has moved close to the 50% midpoint of the move down from the Thursday high at 1.3560 and the falling 100 hour MA at 1.35662. That levels also near swing lows going back to October 7 and October 12 near the same level (see blue numbered circles). A move above those levels would increase the bullish bias for the GBPUSD traders.
Along the way higher today, the pair took back swing lows going back to the end of September and early October near 1.3515-1.3520, 1.3543 and 1.3553. The 38.2% retracement of the same move lower from Thursday's high comes in at 1.35281. The 38.2% retracement level did hold support on two hourly bars today after breaking above it. Watch that retracement level as a risk defining level. A move below it - especially if the 100 hour moving average can hold resistance - would this point disappoint the dip buyers.
