Rips back toward the close from yesterday.
The GBPUSD has ripped higher after breaking above the lows from earlier in the week and held on a final corrective look (the low just before the last move higher stalled at 1.4133 - see chart below)). Intraday traders are having some fun (see prior post).
Now those traders have a decision to make:
- Break above the trend line and the close from yesterday at 1.4186-90 area or
- Rotate back lower and close down the party.
The pair has stalled so far at this level and is regrouping.
What do you think? Break and test the 100 hour MA next (have not been above since December 29th)? The bulls are running around and having fun at the moment.
Where is close support now? See chart below
