Down 140 pips. Up 140+ pips.
Technically, the GBPUSD has completed the 140 pip lap down and then back up. We just traded new session highs and reversed all the bearishness that the earlier fall created.
The fall down today stalled at a key support level (50% and 200 bar MA on 4-hour chart). So that was potentially a bottom, but the move back above the 1.2411-17 was more of a disappointment for the sellers (warned about the level in the earlier post). The move back above, was met with buyers (from shorts and possibly new longs as well).
Now what?
The price has moved above the 100 day MA. The break below earlier today started the tumble lower. The level SHOULD be support now (again). A move below will really confuse traders. On the topside, the 1.2522-36 is where the 100 and 200 hour MAs are located. They would be targets if the buying continues.
