GBPUSD Dips Below 20 Day Average and Recovers
Prepared by Jamie Saettele, CMT
The GBP remains strong across the board. After dipping below the 20 day average for the first time since 4/18, the GBPUSD found bottom just ahead of the 4/2 high and recovered to end near its highs. The larger trend remains up but the inability to find a low early in the month decreases confidence in bullish continuation here and now. Additional support comes in from the trendline that extends off of the January, March, and 4/16 lows. The line is just under 16000 tomorrow.