Midpoint from the move down from December high at 1.24611.
The GBPUSD has moved above - and is trying to move away from - the 50% midpoint of the move down from the December 2019 high to the March 2020 low. That level comes in at 1.24611. The price is trading at 1.2504 comfortably above that midpoint level.
The price has move above the 50% on 6 other occasions going back to the end of March, but had no daily closes above that level. A close above today is more bullish as the see-saw tips more to the upside range. The 1.2581 swing area (see red numbered circles) and the 200 day MA at 1.26465 are upside targets on the daily chart on more upside momentum going forward.
Drilling to the hourly chart below, the high today did stall at the underside of the broken trend line. That rising trend line comes in at 1.2557 currently, and moving higher.
On the downside, the pair found support at the 1.24717 to 1.2484 area. The recent low stalled at 1.24738 - within that range.
Intraday, hold that support area, and the buyers are in control. Move below, and I would expect the buyers turn to sellers with that 50% retracement from the daily at 1.24611 as the next key target.
