More momentum this time after pre-fixing fall whipped traders.
I know I wrote how the waters got muddy on the break back below the 100 day MA. That break occured a 10-15 minutes before the fixing. By the time of the fixing, the price squeezed back higher and the price has moved to new session highs, and also above the Monday highs at 1.29298. The GBPUSD is trading at the highest level since November 15th.
In hindsight I know, the sellers tried to go below the 100 hour MA in the early European session. That failed quickly. Then there is the last failed move below the more important 100 day MA. Two whips where breaks below levels quickly failed.
Sometimes you need Lady Luck - or perhaps a fortuitous bathroom break at the time of the fake break - to catch a run. Especially at those key barometer levels like the 100 hour and 100 day MA. Sometimes you get whipped. That's trading. UGH!!!!
Nevertheless, if I were to read the price action and tools applied to the pair, the GBPUSD is bullish. The run above the 100 hour, the 100 day MA and the highest high since November 15 shows that. Can it fail? Sure. That's trading. However, the bulls are in control.
On the daily, the 1.3036 is a topside trend line target IF the price can stay above the 100 day MA (closer risk the 1.2929 old high - give a few pips around those levels).
Above that the 200 day MA at 1.31058 will be eyed.
