Choppy up trade today, but moving higher
The GBPUSD has extended to a new session high at 1.2869. In the process, the price has moved above the week highs and is moving away from it's 100 hour MA (blue line). Admittedly, the price action has seen choppy moves, with a bullish bias. The price of the pair traded above and below the 100 hour MA (blue line) currently at 1.28157.
On the topside, the pair is approaching its 50% retracement of the move down from the February 25 high. That comes in at 1.28710. Just above that at 1.28789 (and falling) is the 200 hour moving average. The price is not been above the 200 hour moving average since February 26.
