Old lows and retracement support
The GBPUSD has found support against support defined by old lows, the 200 hour MA (green line in the chart below) and the 50% of the move up from the Feb 10 low. The price did dip below this area on Tuesday's trading, but the momentum could not be sustained (Wednesday support was found against the yellow area again).
The low today did move below the 200 hour moving average (green line in the chart below at 1.5356 currently), but there has not been a close below this moving average level as of yet.
On topside, the broken upward sloping trend line (at 1.5397) and the 100 hour moving average (blue line in the chart above) at 1.5394 currently, will be eyed as resistance.
Having the 100 hour MA and trend line above, and the cluster of support below, makes for an interesting battle between the bulls and the bears. Traders will look for a break of either with momentum. In the meantime, look for traders to play the trading zone range defined by the technical levels. Given the market anxiety and weekend approaching, that strategy makes the most sense to me.
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