The GBPUSD has faired better than the EURUSD today. The price is above the close from Friday at the 1.61487 and is currently hanging around the floor area from the last few weeks of trading (between 1.6151 and 1.6158). A move above this area and the trendline coming down from the top at the 1.6162 level should increase the buying interest with the 100 hour MA (blue line in the chart above ) at the 1.6182 level, the next key target for the pair.
The pair on the lows today found support at the 38.2% of the move up from the April 16th low. Holding that level gave the bulls/dip buyers a nice reason to buy in London, and that has carried over into the NY session.
