Forex Trading: GBPUSD Consolidates The Overnight Losses As London Exits For The Day
The GBPUSD is consolidating the losses today as London looks to exit for the day. The price has moved higher during the NY session and has tested the 200 bar MA on the 5 minute chart currently at the 1.4989 level, but it seems to lose momentum against the level as the fundamental news out of the UK news was fairly negative today (Larger Trade Deficit, Fitch and Moody rating worries).
We will continue to watch the 200 bar MA on the chart above for directionsal clues. The high for NY has come in at the 1.5003 and this too will be watched in the NY afternoon as topside resistance. A break above, targets 1.5035.
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