Tests 6-day high extreme

The GBPUSD price is up testing the high extreme that has confined the pair over the last 6 trading days. The 200 hour MA at 1.4017 and the 38.2% of the last trend move lower (from the Feb 19 high) at 1.4039 define the area.

The price is currently right at the 200 hour MA (well moving away as I type). Traders will need to push and stay above. In the last hour or so, the pair has traded above and below the level (see 5- minute chart below). In a market that disappoints easily (nature of the beast over the last 6 days of up and down)), staying above the 200 hour MA is a "now or never trade". The work higher - that started when the sellers had a chance to break the 100 hour MA below (see 5-minute chart below) - has to either continue that move up, or we will see a rotation back toward 1.3973-86 on the disappointment.

The EURGBP helps the GBPUSD bulls as it trades at new session lows.