Forex Trading: GBP/USD Climbs But Falls Short Of 200 Day Moving Average

The GBP/USD pair has appreciated in impressive fashion since it found support at the 100 day moving average on April 21st. It has steadily gained from that point and poked through the 38.2% retracement today (9/26 high > 1/23 low), ahead of the 200 day moving average, which is the next level at resistance (1.5593). The pair has traded lower through most of the Asian session but has held the 38.2% level, as the Yen and USD have gained a bid on some profit taking and better than expected GDP numbers from Japan. A break lower could lead the pair toward the 21 day or perhaps back toward the 100 day moving averages.

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