The pair remains in an up and down range above the 100 hour MA
The GBPUSD has moved back toward the closing levels on the day after an earlier decline has been erased.
The low today did find support buyers ahead of a trend line at 1.2312. The low at the time reached 1.2329. The aforementioned trend line and MA line comes in at 1.2330 currently. Those technical levels will be key support going forward.
On the topside, a trend line cuts across at 1.2466. The high from yesterday reached 1.24717. The high from last week reached 1.2484.
Looking at the daily chart below, the 50% retracement of the move down from the December 2019 high to the March low comes in at 1.24611. The previous 3 days were able to extend above that level but momentum failed and the price rotated back lower. If the pair is to continue the run higher getting and staying above that level would be a key hurdle.
