Keeps the bullish bias going...
The GBPUSD moved back above the 1.2600 level and traded at new session highs. The technical break of the 100 day MA is working and keeping the buyers in control.
The fall in the EURGBP is also helping the pairs bullishness.
Looking at the EURGBP it is also trading at new day lows. On Friday, the pair fell below the 100 day MA and that MA was retested in trading yesterday. Sellers stalled the correction and the price trend lower began and has been maintained in trading today.
The price has also moved below the 100 bar MA on the 4-hour chart at the 0.8543 level and has tested the 61.8% of the move up from the Dec 1 low at 0.85129. The market is trading between those two extremes. Looking for the next push.
Nevertheless, the bears are in control below the 0.8543 level, with the 0.85129 the next hurdle to get to and through.