$GBPUSD - In the short term, be very cautious about position size and any type of aggressive trading in a market that seems to be searching for some type of clarity.
The 50 Day EMA is worth paying attention to, because it does attract a certain amount of trading reaction under normal circumstances, and a break above that level would signal a major change in the attitude of the markets, perhaps allowing the British pound to go looking at the 200 Day EMA before it is all said and done. The 200 Day EMA sits just below the 1.35 handle, so that of course is something worth paying attention to as well.
On the downside, the 130 level is a major support level that traders will have to pay close attention to, as it has proven to be important more than once. The area of support extends down to the 1.28 handle, and therefore it looks as if that area will be very difficult to break below. If we were to break down below the 1.28 handle, the market would almost certainly fall apart in a very drastic move. At that point, I would anticipate that the British pound could go looking for the 1.25 handle.
The noisy behavior over the last several days has been very choppy, the reality is that most markets have no idea what they are doing at the moment, as it has been so noisy. The candlestick for the trading session on Thursday is rather indicative of what is going on around the world, as confusion continues.
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