GBPUSD tests topside trene line
The GBPUSD is back up near the highs of the day and in doing so has nearly comleted the lap from 1.2627 to a low of 1.2558 and back up toward the high. The pair is currently also testing a topside trend line at 1.26256. A move above, will look toward the 100 hour MA at 1.26403.
The week started the week above the 100 hour MA and testing the 200 hour MA (green line). ON Tuesday, the price traded above and below the 100 hour MA (blue line) but closed lower. The move to the downside, did break below the 1.2580 level today which was the January 2 low price. If you x-out the flash crash from January 3 as being an anomaly, today's low was a new low for the year (I know....debateable).
As I finish up, the pair has just broken above the trend line with the 100 hour MA the next key target at 1.26403. On a break of that level, the 50% of the week's trading range, and the 200 hour MA at 1.26526 and 1.2662 levels will be eyed.
The lap has been completed. We still have the final London fixing ahead at 11 AM ET/1500 GMT.
