...and comes back down
The GBPUSD moved to new session highs, and came back down. The high extended to 1.2271. The 50% of the move down from the post-Crash high to the low from Tuesday and the 100 hour MA comes in at 1.2284-87. That MA has made it's way back to where it is back in play technically. The price has not been above the 100 hour MA since September 30th.
The pair is up on the day. This will be the second positive day in row, but remember the price did extend higher in trading yesterday (the high reached 1.2324. So the buyers are building what was taken down yesterday.
Will what is started continue?
If the price can stay above the 1.2230 (broken trend line). That would be more bullish. Of course moving above the topside trend line at 1.2267 currently, would also be a more bullish development. Then the 100 hour MA at 1.22843 comes into focus.
