Forex Trading: GBPUSD Tests Underside Resistance And Retracement Targets
The GBPUSD is also moving higher, testing the old trendline at 1.5096 and the 38.2% retracment of the move down at 1.5102. Above is the 200 hour MA at 1.5119. Looking for profit taking selling against the levels with stops on a move on a move above the levels. The GBPUSD has benefitted from EURUSD selling. The EURGBP has started to move back higher with the increased EURUSD buying which has slowed the GBPUSD buying momentum.
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