The open below the 100 day MA
The GBPUSD has moved to a new session high on the current hourly bar. The move higher corresponds with a break of a topside trend line at 1.30176. The pair is building toward the 38.2% retracement of the move down form the Thursday high at 1.30453. That level is the minimum target for bulls to say they are making some corrective move progress (it is not asking much). The 50% of the last trend leg lower comes in at 1.30717 and that too is a hurdle to aspire towards for the buyers.
The somewhat bullish tell from earlier today were the inability to push further below its 200 day MA at 1.2987. The price opened below that key MA after bouncing off it at the low on Friday, and traded above and below it in the London morning session. However, the last run higher has moved further away from that line (and above that downward sloping trend line.
So buyers ARE exerting some short coveing control. It just has more to prove. Stay above the trend line at 1.30176 keeps the buyers in the ball game.
PS As I type the GBPUSD moved above the 38.2% for the first time today.