GBP/USD Finds Some Short Covering Bids But Contained By The 200 Bar Moving Average

The GBPUSD has found some short covering bids that has moved the pair back above intraday moving average resistance. The pair is now approaching the next target resistance level at the 1.6198 to 1.6203 area. This is where the midpoint of the days range and the 200 bar MA on the 5 minute chart is located.

The move above the 100 bar moving average on this chart (blue line at the 1.6173) is a positive development for this pair.  SO look for buyers against this level. If support can be found, it should lead to a springboard move to the upside with a move above the 1.6203 level confirming further upside.  A break below 1.6173 would negate the positive move, however.   Look for the low risk entry.

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