Forex technical analysis: GBPUSD runs higher. So does GBPJPY
GBPUSD breaks above 100 and 200 hour MA
As per the prior post, the GBPUSD was finding some stall around the 100 and 200 hour MAs after moving above its 100 day MA. However, the 100 day MA found support buyers and we have broke higher and not look toward the key 100 bar MA on the 4-hour chart at 1.31598. Last week, that MA was tested 4 times before breaking higher (at least for 11-12 hours). If the pattern continues, I would expect profit taking near the MA line on a test.
The run up has also goosed the GBPJPY higher. It is up testing its 200 hour MA and 200 bar MA on the 4-hour chart at 149.29/30 area. Key level for it.