1.5202 is was the high as the quid continues it’s rise from the depths of despair. Well, that short term double bottom at 1.4985 anyway. I was in the middle of this post when the PBOC news hit and we’ve since broken through to 1.5211
We’re knocking on the top of the 2015 channel and there’s still plenty in the way if we go through.
GBP/USD H4 chart 04 02 2015
If you fancy testing the level here for a short then 1.5220 is the next minor level to keep an eye on followed by the old 2010 support line and stronger 1.5273, 200 h4 ma and Jan 2009 former support line. A stop just above 1.5300 would likely be the ideal place to park one but there’s enough there for shorts to lean on.
At the moment the news pop has been swiftly knocked back to 1.5182 which gives you a clue on the level of selling interest up here.
