Above the 100 day MA
The GBPUSD - like other pairs - has had an up and down and up down kinda day today.
Currently, the price has made a new session high in the early New York trading. In doing so it moved back above its 100 day moving average at 1.25307. Having said that the price has traded above and below that 100 day moving average over the last 6 or so hours.
The new high price for the day was able to extend above a topside channel trendline, but could not extend back above the broken 38.2% retracement of the move up from the May 22 swing low. That level comes in at 1.25625.
So although prices are higher, there needs to be more upside momentum to keep the buyers satisfied. In addition the price needs to stay above its 100 day moving average.
