Bounce after London Fix/London’s exit for the day
For the second day this week we saw some added volatility in the EURUSD and GBPUSD during the 11-12 time period in NY. The EURUSD sold off and went to test the 100 hour MA at the 1.3722 level (low 1.3726).
The GBPUSD was hit harder falling through support at 1.5394 and falling to test the 61.8% of the days range at 1.5374 (low was 1.5376). Since then, however, we have seen a rebound back higher with the EURUSD moving toward resistance at 1.3766 (high reached 1.3758 so far) and the GBPUSD back above the 1.5394 level and testing the 100 bar MA on the 5 minute chart at 1.5310 (see chart below). Moves above these level may have set the lows for the day (perhaps longer) but not sure if we have a trend like resumption in the pairs in store. So expect profit taking to keep things under wraps (1.5332 in GBPUSD above 1.5314. In EURUSD the 1.3766-1.3775 then 1.3796).
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