GBP/USD Bounces In The Short-Term Though The Longer Term Outlook Is Bearish

The GBPUSD last week closed one day above the 100 day MA  for the first time since August 2008, but that was the extent of the break.  As a result, the rest of the week was to the downside with 3 straight days of  lower prices.

Today the price has continued the move to the downside, with the price reaching a low of 1.4110.  Since the low, however, the price has moved back up above intraday resistance at the 100 bar MA on the 5 minute chart.  The current moving average support level comes in at the 1.4173 level.  The MA line is also flattening out at that level which could signal a short term low is indeed in place.  Watch the level to see if it holds support.   It becomes the key barometer for the trading activity in what is a slow morning so far in NY.

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