$GBPUSD goes up to the target at 1.6635 and comes off
The GBPUSD went up to the target of the 1.6635. This was a high ceiling level on October 20 and 21st and a level we spoke about in last nights FXDD FX Commentary – see report by clicking here (to get this report to your email every day, email me at greg@fxdd.com). The high reached 1.6635.
The lower increase in QE has the GBPUSD better bid. The 1.6635 level will of course continue to be a key level to break on the upside. There should be support below at 1.6602 now and the 1.6596 level which was the high yesterday. If this level can hold corrections the upside should be explored further. Other topside levels to watch: 1.6661/64 and 1.6693 and then 1.6741/43.
The price has been moving further away from the 100 day MA after spending 11 of 13 days moving above and below the level. The last two days have not traded below the moving average and this helped the bullish bias for the pair. Until shorter term support levels are breached and the bias for those periods turn negative, the upside should be favored. Watch key support levels.
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