Stops triggered above the 200 bar MA
The GBPUSD had been using the 200 bar MA on the 5 minute chart as resistance on wiggles higher (see post: "Interpretting the "wiggles and waggles" of the GBPUSD"), until that story line changed and the line was broken at 1.30518. The break sent the price up to 1.3079. We currently trade at 1.3075. PM May will be making a statement in 15 minutes.
What I know now, is the 200 bar MA/100 bar MA are risk levels for longs on the break. The next target is the 100 hour MA at 1.30885. A move above that, will look toward 1.3200.
As Adam reported, "Talk that Theresa May will soften her red lines". What is the reaction (and what she actually says), I don't know, but the targets and the risk are defined.
