The 100 hour moving average currently comes in at 1.36184. The price closed above that moving average level on the last hourly bar, and found buyers near it on the current bar.
If the buyers are comfortable (and serious) with the move, they will now look to stay above the moving average, and start targeting the 61.8% retracement at 1.3636. Get above that level opens up the door for further upside momentum.
The GBPUSD trading ranges 54 pips. The average over the last 22 days is much higher 129 pips. There remains room to roam. It is up to the buyers to prove that they can take more control and push the price higher.
Thank you for subscribing
Trade with Top Brokers