The GBPUSD has moved steadily higher in trading today after moving above the 100 hour MA yesterday (revisit my technical analysis post from yesterday). The pair is approaching what should good resistance against the 38.2% of the move down from the Sept 1 high to the low reached yesterday. That retracement level comes in at 1.62766. The low from last Friday comes in at 1.62788. This 1-2 combination should solicit some selling on the first look-see.
A move above that, and the 200 hour MA will be the target. That level comes in at 1.6322 currently. The price moved below the 200 hour MA on September 2nd and has not sniffed the level since that time.
Looking at the 5 minutes chart below, the price has support at the 1.6238 and then the 38.2-50% , 100 bar MA and the high from yesterday between 1.6223 and 1.62329. If the price is to go lower, these areas need to be breached.
The 5 minute chart outlines some support levels that will need to be broken to stop the bull run today.
