Follows dollars move higher
The GBPUSD is following the dollars move higher and tests the 200 hour MA at 1.25237. The 50% of the move down from the Feb 2 high comes in at 1.25258. The price is just now trading below those levels (low 1.2519) but rebounding a little. ON the move lower, the pair moved back below the 1.2543-485 (see red circles). That is once again resistance now that that break from earlier today failed.