A little more bullish technically...but just a little
The GBPUSD marched lower from the September 20th high of 1.36547 to the low on October 6th (employment Friday) at 1.30264. The fall to the low took the price below a lower trend line, but the fall stalled ahead of the key 100 day MA at 1.30174. The low reached 1.30264.
Yesterday, the price moved above the broken lower trend line, and marched higher. The 100 hour MA (blue line) was broken but failed.
Today, that MA line has been broken and the price eked out new week highs. However, a trend line from the Sept 20 high and the 200 bar MA on the 4-hour chart at 1.32151, and then the 200 hour MA at 1.32398 will help to make the sledding tough, but the buyers remain more in control.
Drilling to the 5 minute chart, the pair has been tracking the 100 bar MA (blue line) and a trend line. The corrective move lower in the NY session did stall against the 38.2% retracement as well. Those tools will help to define the shorter term intraday bias. A break below the 100 bar MA, the trend line, the 38.2% swing low, would be more bearish for the pair. The 200 bar MA and the 50% of the move higher (green line), are other bearish clues. Until broken though, the buyers can continue their march.
So... the GBPUSD pair marches higher, but it is a slow march. However, the technical story still supports the corrective action higher.
