Above MAs and trend line
The GBPUSD stays in a range (between 1.3459 to 1.3628 since May 3rd), but the pair is trying to make more of a technical play to the upside.
Technical catalysts?
- The pair failed miserably on Thursday on the break below the triple bottom at 1.3483 area (see green circles). If the sellers can't take charge, it gives the buyers the baton for a run
- That run has been a jog higher. Nevertheless, the price moved above the 100 and 200 hour MA but stalled near a topside trend line (blue circle 6) and moved to test the 100 hour MA, 200 day MA at 1.3544-49.
- Today, the pair used the MAs as support and the trend line as resistance initially. The pair later broke above the trend line
The last 6 hourly bars has traded above the trend line at 1.3568. Stay above keeps the bulls in charge. Move below muddies the bullish water a bit. The 200 hour MA, 200 day MA and the 100 hour MA are another key cluster of support between 1.35445-566.
On the topside the 1.3617-28 is where the highs from May 3rd and May 10 come in. A break above would target the 38.2% at 1.36645 and the highs from May 2 at 1.3667.
