The GBPUSD followed the EURUSD lower today, tested trend line support on the hourly chart but failure to break has the pair now bouncing higher (bullish – see chart below).
The price is back above the 100 bar MA on the 5 minute chart and also above the 50% of the trend-ish move down today. That level comes in at 1.56197-1.5621. Traders should now look for support down to 1.5613 ( was a ceiling intraday – seee chart below) as the downside attempt failed. The next target above is the 200 bar MA on the 5 minute chart below at the 1.5636. The close from yesterday was at 1.5650 will also be eyed. A move above these levels would be encouraging for the buyers.
Looking at the daily chart, the 38.2% of the move down from the end of April high comes ina t 1.56613. The price today reached a high of 1.5667 and yesterday the high came in at 1.5676. Ultimately, it would take a surge through these highs to get the bulls more giddy. Keep these key levels in mind as the day progresses.
