Retracing back higher in the up and down market
The GBPUSD just cracked above the 100 and 200 hour MAs at 1.33734 and 1.33837 and raced up to 1.3411. Trend lines loom above and are the next targets at 1.3422 and 1.3428.
The price has been doing a lot of ups and downs. The low on Friday took out the low from Tuesday, but only by a few pips. The low today, could not get below those lows. So the price started to head higher.
The range today is now 103 pips. That is about the 22 day average. Markets can get tired around the average levels - unless it really wants to trend.
What we do know is the 100 and 200 hour MAs break gave the pair a boost and for traders long, they can now use those MAs as risk defining levels. Stay above is more bullish. If the market does want to trend more, get above the 1.3322-28 area now.