MAs, 50% Fibonacci level, and underside of broken trend line
Yesterday, traders took the GBPUSD apart and fell below a bunch of technical levels. Guess what? The market is up testing/breaking through those levels. Specifically, there is a bunch of technical stuff in the 1.4233-74 area for the GBPUSD.
Included in those levels include the:
- 200 hour MA at 1.4233
- 50% retracement at 1.42437
- 100 hour MA at 1.42546
- 200 bar MA on 4-hour chart 1.42598.
- 1.4274 is the underside of the broken trend line
We just tested the last level (i.e underside of the broken trend line) but are above all the rest. That makes all the old levels support now.
The risk is still high as Yellen reads here comments before questions.
The comments are not leading to any pullback though so keep an eye on broken levels for support ....A break above opens the door for further gains with 1.4289 (61.8%) and the swing high from March 10 and 1.4316 as the next targets.
