Get back above 1.4271 ....
The GBPUSD moved is 200 week MA today and put some room between the price and the key MA. A close above today would be the first week close above the key MA since October 2014. That is a long time ago. The 200 week MA comes in at 1.4239. The high reached 1.4296. The high for the year remains another key target at 1.4344.
Stay above the 200 week MA and the bulls are in control. Move below and the buyers should start to question the run.
Drilling at the hourly chart is showing some concern for traders.
The price today moved above its topside trend line (see green numbered circles). Back on Wednesday, the price moved above that line and moved back lower. The pair retraced and moved back to test the old trend line at green circle 3 and 4 (see chart below).
Today's break was more bullish. The price is back below the line. There is a risk, traders lean against that line again. It comes in at 1.4271. We are not far from it as I type.
On the downside on the hourly, a bullish signal is that the swing highs at 1.4244 (see red circled numbers) stalled the corrective move lower.
SUMMARY: The GBPUSD sits between the support at 1.4239-44 (200 week MA and swing level) and resistance at 1.4271. The buyers have the edge, but need to retake the 1.4271 level.
