Mike's back and he earmarked the 1.5450 level as a target.
Mike is back and earlier he earmarked the 1.5450 level as a target level for the GBPUSD (see hourly chart below to see the resistance area). He was spot on as the post BOE statement rally took the price up to 1.54475 and stopped.
Now we are back up there after pushing above the 1.5404-11 area outlined in my earlier post (yellow area in the 5 minute chart above). So far, the 1.5450 level is holding. Look for cautious sellers with stops on a break above.
ON a break, the next targets would be the 50% of the move down from the August 25th high. That comes in at 1.5486. The 100 day MA is at 1.55119. The sledding should be tough though.
On the downside, the 1.5404-11 still remains key. Lots of 38.2% retracements from both the daily chart and 5-minute chart. It also is where highs from Tuesday/Wednesday stalled.
