High from April 14 stalled against the 200 day moving average on the 1st test
The GBPUSD has been able to extend all the way up to its 200 day moving average at 1.26431 the high price just extended to 1.26426 and backed off. We currently trade at 1.2601.
The test of the moving averages a 2nd this month. Back on April 14 the price also extended right up to the moving average at 1.26471. The high price on that day reach 1.26468.
There is something about the 200 day moving average. The last move higher from the NA session low took the price from 1.2475 to 1.26426 or 167 pips over 1 hour 50 minutes.
Drilling to the hourly chart, the 1.25744 area was home to swing highs on April 14 and April 15. That will now be close support. The 50% retracement of the last spike higher comes in at 1.25588. That too will be a risk level for longs looking for higher levels.
