Get above 1.4227?
The GBPUSD price is higher on the day. Like the USDCAD, the GBPUSD has been on a one way ticket. For it there have been 2 up days since December 28th. Yesterday, the price closed at 1.4154. The price is trading 1.4217. This would be the 3rd day higher. him
Is the low in?
I/We don't know, but we can put a technical qualifier on it. What might that be?
How about if the price stays above the 1.4190 to 1.4206 level. That level corresponds with the high corrective price from yesterday afternoon at 1.4196, the London morning session high (at 1.4190), and the 38.2% retracement of the trend move down from yesterday's high to today's low at 1.4206.
Stay above and the buyers are showing a desire to buy a dip. Move below and maybe they are not so happy.
What else might buyers want to see?
How about getting and staying above the 1.4227 level (and 1.4231 - 50% in chart above). This level was the low price going back to May 2010. Then the 100 hour MA at the 1.4275 is also key. The price of the GBPUSD has not traded above the 100 hour MA since December 29th.
The price just corrected to 1.41925 and trades at 1.4200, but the upside is in the hands of the buyers still. They need to prove they can keep the corrective move going if not, the trend is which way? Down. So don't mess with it.