Earlier break of trend line and MAs kicked the pair to higher levels
The EURGBP got a kick above a topside trend line and the 100 and 200 hour MAs at the 0.9006 and 0.90124 respectively, and that pushed the price to the highest level since last Thursday (to 0.9052). The last 6 hours, however, has seen those gains consolidate between 0.9034 and 0.9052. The current price trades at 0.9044.
The good news is the price has maintained most of the gains and has done a good job of at least spending most of the time above the 38.2% of the move down from the July 27 high (at 0.90369). The not so good news is the run higher has pretty much stalled over the last 3 hours (between 0.9035 and 0.9044).
The best news is something has to give and hopefully that leads to a run in the direction of the break.
Drilling to the 5 minute chart below, the rising 100 bar moving average has started to catch up with the current price. That currently comes in at 0.90369. If the price is to move higher, staying above that MA level (give or take a few pips) will be eyed by traders. Move below and we could see a rotation back down toward the percent retracement at 0.90204 and the rising 200 bar moving average at 0.90166 (and moving higher).
It's time for the buyers to exert some additional upside momentum if they want to keep the bullish ball rolling down the field.
