61.8% level holds on the risk defining test. EURGBP helps to keep the GBPUSD bid.
The 61.8% level held resistance on the first look at the 1.5447 level. Profit takers/toe in the water sellers at the risk defining level. If the price goes above, there could be some more upside.
One catalyst for the gains is the pressure on the EURGBP. It has reversed the gains seen yesterday after the softer inflation data. The move lower has also taken the price below the key 100 hour moving average and 50% retracement level at the 0.74115 level. Stay below that level and the sellers remaining control. That also helped to keep the bid in the GBPUSD strong.
