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Midpoint of the move down from teh March 18 high tested
The GBPUSD moved up to test the swing area in the 1.3796 to 1.3811 area near the start of the NY session (see post here). There were bullish undertones as a result of the base against support at the lows and the move back above the 100 and 200 hour MA.
The pair got it’s next shove on the break of the 1.38116 area. That give buyers more confidence. The pair has now reached the next target at the 50% midpoint of the move down from the March 18 high. That level comes in at 1.38353.
So far sellers are leaning against the level. The 50% midpoint can be a sticky point and give traders cause for pause. The range for the day is also near the 22 day average (91 pips range vs a 99 pip average). For bulls, the next stop is the March 29 high at 1.38461 (high for the week).
This article was originally published by Forexlive.com. Read the original article here.