As a follow up, to the PRIOR POST, the GBPUSD held like a champ against the 100 and 200 bar MA on the 5 minute chart (buying opportunity there folks – did you get it?) and the price extended the days trading range.
The GBPUSD held the support against the 100 and 200 bar MAs and move higher.
The move higher has taken the price above the 100 hour MA now and the topside trend line resistance at the 1.6186 level (see hourly chart below). Stay above and the buyers remain in control for a test of the next key resistance level at the 1.62766. This is the 38.2% retracement and near the lows from last Friday (i.e. the gap). This should be the focus of traders now (as long as there is not a poll from Scotland that spoils the party). Remember , the last leg lower in this pair came after the weekend poll started to show Scotland “YES” bias. That “devil” is still with us. So be “Jack be Nimble. Jack be Quick”, but anything can happen.
The price on the hourly is above the 1.6186 level (now risk) = 100 hour MA and trend line.
