The GBPUSD is proving to have a little more upside legs today. The pair has moved to a new session high and in the process took out the high price from Monday's trade at 1.09304. The high price just reached 1.09489.
Technically, the price also move back above its 38.2% retracement 1.0882. Earlier in the London morning session the price briefly moved above that level but backed off. Yesterday and on Monday, the GBPUSD price also moved above that retracement level but failed.
So buyers are making other play. The 38.2% retracement will be a close risk level intraday. Stay above is more bullish. Move below and there will be more disappointment.
On the topside, the the 1.1000 would be a natural resistance target. Above that and the falling 200 hour moving average and 50% retracement of the move down from the September 13 high, near the 1.10452 level would be eyed by traders. There is also a downward sloping trendline on the hourly chart that cuts across near that level.
Buyers are taking more control. Can they keep the momentum going?
