Low from Feb 22, stalled the fall today. Double bottom in place.
The GBPUSD has moved back up to a swing area at the 1.3923-299. In fact, the price is moving above that level in the minutes after the end of the testimony from Fed Chair Powell (maybe it is simply relief from the marathon session).
The price of the pair moved lower with the increase on the dollar, after Powell's more upbeat assessment on the economy. He also did not say 3 was the number for tightenings. He did not say 4 either, but he did pave the potential for the dot plot to move toward 4 in 2018 (with the better than December views employment, the economy and inflation. It certainly is not below 3.
Anyway, the price fell to the low from Feb 22 (last weeks low) and the price bounced.
We are trading up toward the 38.2% at 1.3938 now. The cluster of MAs at 1.3951 to 1.3971 (with the 50%) are ahead.
The bullish dollar move made its run in the GBPUSD. The low from last week could not be taken out. Sellers turned to buyers and the market is relieved the marathon testimony is over. The price is back in the meat of the trading range.