The GBPUSD has pushed up to the highs of the day and against key resistance from 100 hour MA and the 38.2% of the move down from Friday’s high (at 1.61697). The pair had been contained for the NY session with most of the action on the bearish side (below 100 bar MA – blue line in the chart below). However, the push to new highs in the EURUSD has helped the GBPUSD move higher as well.
Now, a move above the 1.6169 level should then look toward the 200 hour MA at the 1.6193 (1.6189 is the Midpoint of the move down from Friday).
The range for the day is still a modest 47 or so pips. This is on the light side. So an extension will be eyed. Until the last surge higher, traders were looking lower. Now with the break higher, the intraday bias has swung the pendulum the other ways.
