GBPUSD above 100 hour MA. Can it stay above and extend higher?

Technical Analysis

Author: Greg Michalowski | gbpusd

GBPUSD higher on the day after better jobs report earlier today

The GBPUSD is higher on the day, helped by better UK jobs report earlier in the day.  

GBPUSD higher on the day after better jobs report earlier today
Technically, the price is currently trading above the 100 hour MA (blue line at 1.27009 level). Now, it did move below that level a few hours ago, but has since rebounded back above. Let's call that a failed break. 

Note that the 100 hour MA held support yesterday, then broke below. The late day corrective move  higher, stalled at the MA line and moved down.  That move took the price to the 200 hour MA (green line) where buyers entered today (low for the day).

Holding the 200 hour MA (green line), and moving back above the 100 hour MA (at 1.27009) gives the buyers the nod for the bias, with risk at the 100 hour MA now.  

On the topside, there is something about the 1.2727 area (see red numbered circles).  That is a level that needs to be broken and stay broken, if the buyers are to take more control.  Above that, and the buyers would start to look toward the 1.2742-47 area (yellow area).  

For now though, buyers hold the edge but a battle is on between the 100 hour MA below at 1.2700 below and 1.2727 above.   

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