GBPUSD rebounds back above its 100 hour MA
Like the EURUSD, the GBPUSD has rebounded to a new session high and trades back above its falling 100 hour moving average 1.1941. The current price is trading right around that level after reaching a swing high of 1.19665. On the topside the 200 hour moving average 1.19795 remains as a key topside target.
The price has not traded above its 200 hour moving average since June 28. Since that break lower, the price has really not gotten close to the 200 hour moving average. As a result, moving above that MA would give buyers some added confidence. Absent that, and although the price is off its cycle low at 1.18066, the sellers remain in control from a technical perspective.
Key break in the GBPUSD. Can the buyers keep the momentum going?