The GBPUSD banged against it's topside trend line for a number of hourly bars. During the process, the pair traded above and below the 200 hour MA. However, buyers started to lean against the 200 hour MA as support, broke above the topside trend line and the next run to the upside was on. See earlier post talking of the levels by clicking HERE.
The high price has extended to the next targets at the highs from Thursday and Friday at 1.36349. The high price just reached 1.36361. The current price is at 1.3628.
With the break higher, the buyers take more control. It will take a move back below the broken trend line and the 200 hour MA to turn the bias back to the downside.
On the topside, the high from last Wednesday at 1.36703 and the high from last week at 1.37028 are the next targets.