Broke above 200 hour MA on data but back down testing the level
The GBPUSD pushed higher after the weaker than expected data today (retail sales and PPI), but the pair ran into the 50% retracement and topside trend line and the buying stopped. The pair is back down testing the 200 hour MA (green line on the chart below at the 1.5223 level). That level was the resistance for most of the trading day (very narrow range).
Helping to support the GBPUSD is the EURGBP which is down but nears the low floor levels at the 0.7040-41 area (low 0.7048 currently). The may be some support against the double bottom.
