100 hour MA catches up to the price and buyers not ready to give in
The GBPUSD is ticking to new session highs (up at 1.3280 currently). Looking at the hourly chart, the pair on Monday stalled agaisnt the 100 hour MA and trended to the week's high on Wednesday. The last few days has modestly corrected, allowiing for the 100 hour MA to catch up to the price. Today that MA was tested - and broken - at the lows, but momentum was limited.
The last few minutes has seen sellers give up, buyers get more involved and the price is moving higher. The highs from yesterday at 1.3316 will be eyed as the next target. The underside of the broken trend line comes in at 1.3324.