Buyers pushing the upside
The GBPUSD is spiking higher over the last 30 or so minutes, moving from a low of 1.17612 to a high of 1.19328. In the process the price has spiked above the 100 hour moving average 1.18808. That is the 1st look above that level since March 10. Stay above is more bullish from a technical perspective. The move in that short period of time was over 170 pips. The range for the day is 524 pips.
Drilling to the 5 minutes chart, the price declines recently did not develop much momentum on the brakes of the 100 bar moving average (blue line - see earlier post). The inability to move lower on the little dips below, ultimately gave buyers the go ahead to push higher.
