Trade above 1.2900.
The GBPUSD is spiking higher and has moved above the 1.2900 level in the process. That move is taking out the high price from yesterday at 1.2902. The pair traded to a high price of 1.29074 so far. Note that it is month-end/quarter end and that may be influencing the price action. The fixing is still 40 or so minutes away.
Technically, as mentioned in the earlier post, the pair held at the lows near a cluster of support defined by the 100 and 200 hour moving averages and 50% retracement near 1.2801 to 1.2806 area. That was bullish.
The subsequent extension above the 1.2866-1.2871 swing area helped that bullish bias and also triggered some stops.
Now that the high from yesterday has been reached, the next target comes in at the high for the week at 1.29286.
Risk for longs now would be a move back below the 1.2879 broken trend line.
