A step higher. The 38.2% is the next target
The GBPUSD on the daily chart, moved above the trendline resistance at 1.4904 currently. This was a step higher in what has been a steady rise in the pair this week. The next target at the 38.2% retracement of the move down from the February 2015 high to the April low was tested at 1.4944, but that level found sellers on the 1st look. If the price is to move higher, a break above this retracement level will be eyed. The next upside targets would look toward the 1.4980 and 1.5008 area.
Looking at the 4 hour chart, the market is also testing the bulls resolve from a technical perspective. The price has moved above the 200 bar MA on the chart (see green line). The level comes in at 1.4908 currently. Staying above this level and the trend line just below at 1.4904, will keep the buyers in control.
The trade becomes stay above the 1.4900 level from here if the buyers are remain in control. If the want to take more control, get above 1.4944 and stay above that level.
