GBP/USD Soars Despite Talk Of UK Ratings Dowgrade

]

GBPUSD moved sharply higher as well.  The GBPUSD has been pressured today off the talk of a UK downgrade which was declined by Moody’s.  The  pairs move higher has reportedly been helped by a big buyer in the interbank market. The price soared through the 100 and 200 bar MA on the 5 minute chart at the 1.4632 and the 1.4658 level respectively (see chart above). Will watch these levels to see if the price levels can hold corrective moves off the sharp rise higher.

On our favorite hourly chart, the price went to the 100 hour moving average and bounced today.  This may have helped contribute to the short covering rally.  The price remains below the close from yesterday at the 1.4719 level.  The high on this move has brought the price up to the 1.4703 level.   200 hour MA comes in above at the 1.4730 level.   EURGBP rises as well on the move. Tests intraday resistance at 0.9027.  Watch this level.  Watch the upside.  Markets are nervous and whippy.

Subscribe by RSS Subscribe by Email