Bounce off lower trend line got the ball rolling
The GBPUSD is following the USD lower, helped by finding a solid support low against a lower trend line (see blue circles).
The pair is trading at new session highs in the current bar and is back positive on the day. The close yesterday came in at 1.39128. The earlier London high came in at 1.3916. The 1.3923 level was a swing level from Feb 13 and 14. That area seems like a risk area for longs now.
ON the topside, there is some strong overhead resistance from:
- Channel trend line at 1.3960
- 200 hour MA at 1.3962
- 38.2% of the move down at 1.3966
- Falling 100 hour MA at 1.3977
That yellow area should be a tough nut to crack on the first test. I would expect some profit taking in that area on increased upside momentum.
US stocks opening now.
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