My last post suggested that the GBP could be in trouble with prices falling last week and critical support being tested.
Key to GBP’s fortunes was that 200 sma on several pairs and whether this level would hold or not.
So far this support appears to be holding and my recommendation of going LONG should the key levels hold is paying off.
GBP had advanced against all pairs except the Yen which has seen a burst of sustained buying.
The GBPAUD and GBPNZD have been particularly BULLISH.
1.2460 is now key for GBPUSD and a break and hold above this level opens a move to much higher ground.
The GBPAUD has now hit the 200 day moving average on the DTF for the first time June 2016. A hold above this level (1.6620) opens up the possibility of a giant move north.