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GBP/USD stalls ahead of key technical level
The rebound in the GBP/USD yesterday reached a high at 1.2493 leading into and just after the 4pm London Fix. The Pound later closed in the US at 1.2480. The price action seen so far today has been covered by a range of 1.2464 to 1.2490. Looking at the longer term chart of that price action we can see an important level a little higher up. That is at 1.2501 and it is the 50 day moving average. Perhaps the reason why it is important, is because the Pound has not been above this since the very beginning of October last year. and it has defined the lower trend for a long time now. So, it is very much a level of interest today. The GBP/USD is currently edging lower, right now trading at 1.2474
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