The GBPUSD is up re-testing its 100 day moving average at 1.35557.
Earlier today, the price moved up to that moving average line and found sellers. Recall from yesterday - and from last Friday too - the pair also got close to the level, only to find sellers.
The buyers are now making another play at breaking the key moving average level. Get above and we should see further momentum.
Helping the bulls, is the low today stalled near 1.35213. Looking at the hourly chart, the area between 1.35213 and 1.35287 has a number of swing levels going back to December 30 (see green numbered circles). The inability to move below that level today, is a checkmark in the favor of the buyers/bulls. Sellers had their shot. The buyers stepped in against them.
Taking a broader look at the daily chart, a move above the 100 day moving average would next have traders targeting the 38.2% retracement not far away at 1.35754. Above that is the November 9 high near 1.3602 followed by the downward sloping trendline at 1.36241 (see daily chart below)..
