Moves above the 1.5450 level and runs 25 pips
The GBPUSD has followed the EURUSD higher. Whereas the EURUSD was breaking above the 50% retracement and the 200 day moving average, the GBPUSD was making a move above the 1.5443-51 area (let's call it 1.5450). The next target is 1.5486 and then 100 day MA at 1.5512
The 5 minute chart below shows the momentum break. This is now support. Traders who see higher levels want to see this level hold.
The range today for the pair is 137 pips. The average over the last 22 days is 114. So we are above what is normal. The market may be a bit extended as a result, but if the trend buying is real, the pair can still go. The dip will be eyed for those trend clues.
