Remains in 3 day range
The GBPUSD is trading to a new session high, but remains mired in the 3 day range. The low today - like yesterday - dipped below the 100 hour MA for a moment, but then rebounded and moved back above the MA level (blue line in the chart below). The pair has also moved above the 200 hour MA at 1.32131 (green line). That is bullish. Like yesterday, stay above that MA tilts the bias to the upside. Move back below and the bias tilts back lower (with a break below the 100 hour MA increasing the negative bias - subject to staying below that line of course).
Speaking of which, the high from Monday reached 1.3245. The high yesterday extended to 1.32608. Both are now upside targets (and resistance targets). Nevertheless, a break above will have traders targeting the 1.3300 level (highs from March 15/18 and near an upper trend line).
Of course there is a lot of parliamentary jockeying ahead in the UK with the Speaker to announce the most recent amendments at 1500 GMT. PM May is expected to address the 1922 Commitee at 1700 GMT. Voting on the indicative votes options begins at 1930 GMT.
