100 and 200 hour MA support tested and held.
The GBPUSD fell to the 100 and 200 hour MAs at the 1.5356-59 area and found support buyers (SEE PRIOR POST - profit takers/new buys). Risk could be defined and limited against the technical levels. The price has rebounded. The weakish Factory orders helped a bit.
The price is back up into the area which has helped define an upper and lower boundary (at 1.5380-86 area). A move above and traders will be looking for a test of 1.5400 level (50% of the days range).
The holding of the line against the 100 and 200 hour MA was a nice technical hold. It increases the MAs importance. It also could mark the low point for the corrective move for this pair. A move above the 1.5400 level would help confirm that idea for the buyers. ON the other side, holding the yellow area, keeps the waters more muddy with dip buyers and resistance sellers battling it out.
