Above 200 hour MA. Can it stay above though?
The GBPUSD is moving to new session highs and in the process moved back above its 200 hour MA.
That is more bullish but not that the last 5 trading days has seen the price move above that MA level at some points during the day, but each failed after relatively short periods of times (at least this week). Can the price stay above the 200 hour MA this time for an extended run?
The 50% at 1.2792 is the next target. Above that, the trend line comes in at 1.2820 and the 61.8% comes in at 1.28237.
On the downside, risk for buyers can be the 100 hour MA (bias turns back negative below that level).
If you just don’t like the GBPUSD, a move back below the 200 hour MA could be enough to tilt back to the downside.
Right now, I have to respect the buyers on the trade.