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The market remains volatile as stocks rally from lows GBPUSD tests resistance

gregmike-05745

The forex market remains volatile as the stock market rebounds from the lows and is only down about 180 points.  The rebound (or lack of additional selling) has given the dollar bulls a reason to cover.  As a result, the GBPUSD has moved back above the 100 day MA at the 1.6411 level today.  The next target comes in at the 38.2% retracement at the 1.6450 level.  This level is being tested now.  Watch this level.  Volatility continues.  A break above targets the 1.6506 level.  On the downside support comes in at the 1.6411 level now at the 100 day MA. This level remains a key level for todays trade.