Like the EURUSD, the GBPUSD has had an up and down day as well. The price has recently tested topside trend line resistance at the 1.5686 area. The high for the day comes in at 1.5694. A move above increases the control for the bulls and should lead to a move toward the high for the week at the 1.5738 level. Just above that level is the all important 200 day MA at the 1.5749
Looking at the shorter term intraday chart the picture is not a pretty one as the price down then up pattern is not the thing of confidence. The price is off the early NY high and testing the 100 and 200 bar MAs (blue and green line in the chart below). Stay above the 1.5658 (38.% of the move up) and the buyers remain in control. Move below and the level and I have to think the buyers are not all that pleased.
Overall, buyers
