GBP/USD Proves Resilient Early

 

 

The GBPUSD rebounded to resistance in early NY trade as the pound comes under pressure from the bearish comments from BOE Barker, debt concerns and Moody concerns.  The resistance for the pair comes in at the the 1.5054 level where the 200 hour MA is found (green line in the chart above). The high reached 1.5060 on the early NY corrective move, but the price has quickly moved back lower.

A move back below the 1.5034 (blue line in the chart above) which is the 100 hour MA should pave the way for continued downward pressure for the pair.  The low for the day at 1.5018 and the midpoint of the move up from the Feb 26th low to the high reached on Friday at 1.4999 are other support areas for todays trade.

 

 

On the topside, if momentum above the 1.5054 can be established a move toward the 38.2% of the days range cannot be ruled out. That level comes in at the 1.5090 level.