Pair moves back toward unchanged on the day
The GBPUSD fell lower in early choppy trading today, but did find some support buying near the 200 hour MA and 50% retracement near 1.2801 to 1.2807 currently. The 100 hour MA is also now in the area (currently).
The bounce off the low has moved off that support level and has moved toward the unchanged level at 1.2856. The price just rebounded to 1.28556.
The next target is up near the 1.2866 to 1.2871 area (1.2871 is the high for the day). Above that is a downward sloping trendline cutting across at 1.2879. The high price from yesterday reached 1.2902. The high price for the week extended to 1.29286.
What we know is the cluster of support did hold. That keeps the buyers more in control. The dip buyers are the recent winner. However, the pair still remains in the choppy range for the day and the buyers do need to get through some topside levels in order to give the buyers more confidence.
