The move back above the MAs muddied the water. Topside trend line tested again.
Earlier I commented how the 200 hour MA had been broken and tested successfully (see prior post HERE). Stay below and the bears remain in control. Move back above and the waters get more muddy. Well the waters got more money. The price moved back above the 200 hour MA. Bears not as much in control.
The move higher has taken the price to another intraday technical level. The topside channel resistance (the rally started at the lower channel trend line and 61.8% retracement), held at the 1.2270 level and traders leaned against the resistance line.
Dare I say, another technical level of importance.
Although the GBPUSD is more of a watcher today vs a leader, the technical levels are also in play and providing bullish and bearish clues. The channel defines the limits. In between are the MAs. Until that pattern is broken, active traders will lean, pick up a few pips and exit.