GBP/USD Moves Higher Eyeing Intraday Support

GBPUSD is also moving higher after selling off during the London session today. The correction today fell toward the lows reached on Friday’s NY afternoon trading.    The low today was 1.4834.  The low on Friday afternoon was 1.4826 (see chart below).  The  high reached earlier today is now the next key level to get through.

Versus the key moving averages we follow, the GBPUSD continues to ride the trend that started on April 28th .  On that date, the pair moved above the 100 hour MA at the 1.4597 level and the pair has not moved below the level since (see chart below)   The current 100 hour moving average is at 1.4800 area.  For intermediate term traders, this is the stop level.

On a shorter term basis (see chart below) the pair has moved back above the 100 bar moving average on the 5 minute intraday chart.  This level currently comes in at the 1.4900 level and moving back higher.  The 200 bar moving average is currently at the 1.4924 level. Before those levels today is the 1.4938 to 1.4942 area where there are a number of lows and highs that should provide good support on a dip.  Watch this level down to 1.4938 as good intraday support.

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