USD is up but the GBP is doing better…The dollar is up (but coming off a little now), but the GBP is even stronger today (it is the strongest currency of the day).
The run up has the pair up testing the 100 hour MA and a topside trend line now at 1.31937 area. The level should give traders a low risk level to take profit/sell with stops on a break higher. There is a cause for pause. Be aware of the resistance.
ON the downside now, watch the 1.31826. That is the 38.2% of the move down from last week’s high. A move below should lead to more corrective action. Holding above and a break of the 1.31936 would be eyed with 1.3212-165 (50% and 200 hour MA), the next key target area.
Key level — for a couple reasons — being tested.