Trend line at 1.2980
The GBPUSD nearly completed the lap from the low of last week (or from the low on Thurday). The lows last week came in at 1.29744 and 1.2977. The low today reached to 1.29821. There is a lower trend line that connects the lows going back to January 20 that cuts across at 1.2980 (see red circles). Each of the 5 lows going back to that data are a little higher than the previous.
The range today has reached 200 pips (201 actually). Along the way, there has not been much of a bounce.
Helping the run has been a run higher in the EURGBP that took the price just above the 61.8% of the move down from the January 15 high. That pair moved above the 100 and 200 hour MAs around the 0.8444 level and took off. The last run higher picked up steam after breaking above the high from last week and the 50% retracement at the 0.8486-88 area.
