Buyers send the pair breaking above the 100 and 200-hour MAs
The pair was another which was consolidating under the two hourly moving averages, before catching a bid and jumping above it. As price action shifts above the 100 and 200-hour MAs (red and blue lines respectively), sentiment is bullish.
But there are resistance levels nearby. The next resistance level to look out for is 150.00. It also coincides with the 38.2 retracement level on the daily chart:
The jump here is giving a lift to other sterling pairs, with cable now up to 1.3987 just off highs of 1.3991 earlier.
