The GBPUSD has been up 6 of 7 days
The GBPUSD has risen 6 of the last 7 trading days. Today will be the 7th day if the price can keep the gains (the pair is currently up 46 pips). The GBP is the strongest currency of the day and in the process is moving closer to its 200 day moving average at 1.2686. The current prices at 1.2657. The high prices as reached 1.2666 in the London morning session.
The move to the upside today was able to stay above the 61.8% retracement of the move down from the June 10 high at 1.25975. Bullish.
Drilling down to the 5 minutes chart below, the price did try to crack below its 100 bar moving average earlier in the Asian session but could not sustain much momentum (stalled way ahead of the 200 bar moving average - green line). The more recent tests of the 100 bar moving average stalled the fall against the 100 bar moving average. That level currently comes in at 1.26416 (and moving higher). Keep an eye on that MA for potential intraday trading bias clues. Stay above is more bullish. Move below and we could see a further probe to the downside.
----------------------------------------------------------------
