GBP/USD Moves Closer To Last Week’s High Of 1.4777

The GBP/USD has been helped today by a better than expected Home Price Index.  the Nationwide HPI rose by 0.9% for the month of March and came in down 15.7 for the YoY. The market was expecting -1.5% and -18.1% respectively.  This helped push the GBP/USD move up sharply

The move higher today has pushed the pair back above the 100 day MA at the 1.4567 level.  Last week, the market moved above this key MA for 1 day reaching a high price of 1.4777 but quickly reversed the gain and moved back below the next day.  Todays move has peaked at 1.4744 but gains are being maintained so far.

Intraday support comes in at 1.4653 currently and rising (100 bar MA on the 5 minute chart).   The market has held above this moving average as the market has trended higher today.   Note, however, that corrections off the high could take the market down to this level as profit takers seem to have entered the market.  The pair has moved below the 1.4715 level whichwas the previous highs before the last surge to the highs.  If the market cannot get back above 1.4715, a further correction toward aforementioned 100 bar MA is likely.

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