Bounces off MA levels in move higher from the lows today
The GBPUSD is trading at a new session high over the last few minutes as weaker housing data undermines the USD. Stocks are also lower and yields are lower which are contributing to more dollar weakness.
Technically, the pair moved lower in early trading today. That move lower did find support near the 200 hour MA (green line at 1.28617 currently) at the lows. The run higher broken back above the 100 day moving average at 1.28903. That MA acted as support for the next run higher.
The price is trading at 1.2945 - about 55 pips from the 100 day MA. The market is putting some air between the key day MA and the price. We also just moved above the January 14 swing high ta 1.2929. That is a close risk level for longs now. Moving below, does not ruin the bullish bias, but it does muddy the water a bit. The high from last week at the nice round number of 1.3000 is an obvious topside target now.