Forex Trading: GBPUSD Trying To Bottom But Not Getting Very Far

The GBPUSD fell sharply overnight, but has slowed the declines pace.  This has allowed the 100 bar MA on the 5 minute chart to catch up with the market and the price is currently trading at the level.  The pair did move above the 100 bar MA off the 8:30 data, but remained below the 200 bar MA at the 1.5425 level currently. A move above this level is needed to solicit additional dip buying interest.   A move above would next target the 1.5459 level.

Further up is the floor area prior to the last plunge down. That level comes in at the 1.5533-56.  This ultimately is the key topside resistance.