The GBPUSD is making a break above its 200-hour moving average at 1.21546. Yesterday the price tried to extend above that level and last week as well, but each of those brakes failed fairly quickly. Will the 3rd time be the charm? Risk is back below that moving average level.
On the top side, if the buyers are to keep control, getting to the 38.2% retracement of the last move lower near 1.2230 would be the next target. Getting to the 38.2% retracement is the minimum retracement if the buyers are to be taken seriously.
Conversely, a fail above the 200-hour moving average, and traders would look back down toward the 100-hour moving average at 1.2128 as a next target.
GBPUSD moves above 200 hour MA. Can the momentum continue?