The 1.3122-275 area is giving longs a reason to take some profit (and new longs).
The GBPUSD has pushed higher today, despite the no-deal Brexit scenario becoming more and more a possibliity. The manufacturing data today helped to squeeze more out of shorts as businesses stockpiled goods ahead of a potential no-deal.
Technically, the price moved from a ow of 1.3010 (just above the support at 1.3002-04) and ran to a high of 1.31235. At the high, the pair tested the 50% midpoint of the move down from the high last week at 1.3122 and the 100 hour MA at 1.31275 (and falling). The high split those two targets. Traders had a cause for pause with profit takers from the buyers below, and new sellers betting for more bad Brexit news, leaning against the levels.
ON a break higher, those sellers may look to cover. So be aware of some stops. The 200 hour MA (green line) would be the next target on a break.
Hold and the 38.2% at 1.30876 and the 1.30728-798 area would be targeted.
Drilling to the 5-minute chart below, the rising trend lines and rising 100 bar MA on (blue line) at 1.3082, will also be eyed as potential "the high is in for now" steps lower.
