Moves above 1.5200. Dollar moving lower.
As the US stock market works toward the opening, the dollar has turned to the downside. The GBPUSD is making new session highs and is breaking above the 1.5200 level (now close support for longs). Yesterday the high peaked at 1.5201 before the BOE decision, fell on the news but quickly rebounded - ending down on the day but in the middle of the trading range. Looking at the hourly chart, next target comes in at 1.5232. This is the topside trendline connecting recent highs.
On the daily chart, the breaking of the 1.5200 level opens the door for further upside. The 38.2 of the move down from the August high comes in at 1.5252. The 200 and 100 day MAs comes in at 1.5218 and 1.5244 respectively - not likely today, but if the buying continues, next week, we could take a look at those levels.
