Weaker existing home sales send the GBPUSD higher
The weaker existing home sales has sent the GBPUSD to new highs for the day and up toward the target area (see prior post) at the 1.5432. This corresponds with the high from Friday. The 1.5438 is high from Feb 16 (see chart below). Underside of the trend line off the early Feb low is also in the area.
Some sellers have come in against the area on the first look it seems (the price has corrected to the low 1.5420s), but given the pretty trendy move higher today, the sellers will need to prove that they can push the price below intraday levels. Looking at the 5 minute chart, the high at 1.54159, the 1.5410 and then the 100 hour MA at the 1.5399 area (this is a strong line in the sand going forward now) should provide good levels to lean against on dips (see chart below). So be aware of the possibility for dips to be shallow. The trend move is showing strength.
