The GBP/USD has reached the next step in its progression higher today (Tuesday). The pair has reached the 38.2% target resistance level at the 1.4696 level. Stops pushed the pair to 1.4707 but the price has backed off back below the level on profit taking.
A move back above level again would target the 50% retracement where the 50% , 100 and 200 hour moving average are all located. That level comes in at 1.4767 currently.
Corrections should find support at the 1.4650-56 level with stops if the price moves below 1.4647.
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