GBP/USD Rebounds Off The Lows And Tests Intraday Resistance

The GBPUSD broke below the low daily close price since June 10th at 1.6317 (chart above).  It broke through the low price since June 10th at the 1.6187 (chart below).

The price reached a low of  1.6095.  The low corresponds to some remembered highs and lows from the May/June period (see chart below).

The price has since corrected and is now testing the 100 bar MA on the 5 minute chart at the 1.6166 level.  I would expect to see sellers against this level.   Above this level is additional resistance at the 1.6182 level. This level corresponds with the 38.2% retracement of the move down today.

Now that the support over the last month has broken, the next longer term target comes in at the 1.5846 level.  This level corresponds to the 38.2% retracement of the last wave up in the GBPUSD.

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