GBP/USD In Volatile Trade Today As Momentum Ebbs And Flows

The GBPUSD fell sharply through trendline support at the 1.6443 level. The move below reached a low of 1.6429 but the move was reversed back to a high of 1.6481.  The move came in short of the high for the day and led to the next move lower which took the pair down to our target at the 1.6419 level (see earlier post).  The volatile ebb and flow of the moves makes directional bias difficult although the ability to remain above the 100 bar MA on the 5 minute chart keeps the bias to the upside.

In these volatile markets lower trade size and/or look for better than usual trade location. We should see a trend reestablish at some point. However, the market needs to get through the up and down volatility.  Support remains 1 1.6419.  The resistance comes in at the 1.6480 to 87 level currently.

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