New NY session high
The GBPUSD moved to a new session high and at the high tested a topside trend line at 1.24653. The high reached 1.2467 and has backed off.
The move to the upside has pushed above the 50% retracement which will be eyed as close support now. The price has moved above the 50% in varying degrees on Monday (barely), Tuesday (the largest break) and earlier today (in between those 2 breaks). The recent high is still short of the high for the day at 1.24845 (so far). As a result, the buyers still need to do better to keep full control (have lower highs).
Helping the buyers today, was the buying near the 100 and 200 hour MA at the session lows (at 1.2406 and 1.2394 respectively). Staying above each was certainly more bullish. However, now that upside targets have finally been reached, there needs to be further momentum through those levels. Otherwise we are simply consolidating between technical levels.
