Trend line at 1.3031.
The GBPUSD has continued it's rally higher today and in the process moved from a low of 1.2955 to a high of 1.30415. The move to the high has taken the price above a topside trend line on the daily chart at 1.3031. We currently trade at 1.3037. The buyers are more in control above that trend line level.
Staying on the daily chart, the 200 day MA is the next key upside target at the 1.30801 level. The price has not traded above the 200 day MA since May 17, 2018.
Drilling to the 5 minute chart below, the last trend move higher in the pair took the price from 1.2967 to 1.30415. The 38.2%-50% of that trend move higher comes in at 1.30048 to 1.30134. The corrective low off today's high reached to the 38.2% level and bounced. Bulls still in control.
That area is a bias defining level for the bulls. Stay above, and control is with the buyers. Move below and the trend run higher is a little more muddy.
