GBP/USD (daily chart as of June 3, 2015) broke down below the 100-day EMA (bold blue moving average line on chart) on June 1, but immediately rebounded yesterday (red arrow 3 on chart) with a long bullish candlestick showing potentially strong support at this important level.
The most recent testing of this 100-day EMA occurred in early May (red arrow 2 on chart). The pair broke out above the moving average line on May 5 and reached a new high around 1.5805 since the April low. Note also that the RSI is making a lower low while the pair is forming a higher low, which is a potential positive reversal signal.
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