Low today held support against the Monday high
The GBPUSD is pushing toward new session highs after a dip in the London morning session. The earlier high was reached in the early European session at 1.31846. We currently trade just below that level on the rebound.
In the ups and downs, the price dipped to a low of 1.3135. That low was just above the swing high from Monday at 1.31326.
Buyers stalled the fall and gave the buyers a reason to continue the "Brexit Hope" trade. PS data this morning in London was really not that hot. So the rebound shows confidence and perhaps short covering.
ON more upside, the September 26th high comes in at 1.3217. The September 20 high was up at 1.32979 and would be another target. That high was the highest high since July 9th.
The move higher has taken the price away from the 100 day MA (blue line on the daily chart below) at 1.30997 (more bullish). The pair still remains well below the 38.2% of the move down from the April 2018 high (high for the year) at 1.33163. So buyers still have much to prove if they want to take more control.
However, if you think Brexit will work its way out with a deal that is mutually beneficial, the 38.2% would be the minimum target and the 100 day MA is now the risk.
