The GBPUSD has pushed above the 100 hour and trend line resistance at the 1.6088 and 1.61110 respectively on the hourly chart (see chart below). A bullish break. The close risk will be the down to 1.6100 (will use the round number). For those looking for further gains, the 100 hour MA will be the line in the sand.
Earlier today, the price tested the trend line and backed off. The break will be eyed for momentum buyers now. Last week the move above failed (I kept the line in place). We will see if today can keep the momentum going with the 1.6161-70 as the next target. The low from Sept 15, the 200 hour MA (green line) and the 38.2% of the move down from the September high all come in that area and should attract selling.
GBPUSD makes a break above 100 hour MA/trend line (now support intraday)