Bounces off the Friday low
The GBPUSD has moved back above the 100 hour MA (blue line in the chart below) after holding below the level in earlier London morning trading. The in ability to get below the Friday low earlier, helped to turn the bias more to the upside. Now, the breaking of the 100 hour MA, gives traders even more of a bullish bias. Is it green lights ahead for the bulls? The price has been consolidating/trading up and down over the last few days. The highs in the 1.3576-85 area need to broken. That would open the pair for a retest of the high at 1.36122.
Taking a broader look at the pair from the weekly chart, the price is back above the swing highs from the post-Brexit trading in 2016. The highest swing high then came in at 1.3532. We traded below that level today but the selling could not be maintained. The swing high from 2017 reached a peak of 1.36547. That is a target for buyers if the bias can stay bullish.
PS there seems to be some London 4 PM fixing demand for the GBPUSD as it just shot up to to the topside trend line on the hourly chart and tests the 1.2576-85 area as I type.