Moves aboves a topside trend line
The GBPUSD has moved to a new fresh day high. In the process, the pair has moved abvoe the 100 and 200 hour MAs (blue and green lines) and a topside trend line. It has also taken out the 50% and 61.8% of the move down from the March 13 high to the low from last week.
The 50% is at the 100 hour MA level at 1.31912. The 61.8% and trend line are at similar levels too at 1.3235 area.
Technically, stay above the yellow area is more bullish now. Is the level of confidence in the GBPUSD high? I am not sure you can have a lot of confidence in the GBPUSD price action. So be patient.
As Adam posted, PM May is looking to have a MV3.
