Traders get the pair going higher
The GBPUSD was in a 46 pip trading range. it is now up to 82 pips as traders decided to push the pair higher on a straight line run after breaking to new highs for the day (it started near the days low though).
The run has pushed the price to the 200 hour MA at the 1.5775 level. The high has come in at 1.5773 (green line in the chart below) . The range is still narrow at 81 pips so seller against the 200 hour MA probably have a tight stop on it (the 1.5787 is the 50% of the move down from the June 18 high).
The last three trading days has seen the GBPUSD find sellers near the 200 hour MA (green line in the chart below). Keep an eye on the 1.5754 level for close support (broken 38.2% retracement of the move down from the June 18 high). Holding near this level may provide a springboard for a break to the upside and an extension of the narrow trading range.
