GBPUSD paused at 100 day MA, but is now breaking above.

Technical Analysis

Author: Greg Michalowski | gbpusd

A brief pause at the 100 day MA, has now given way

The GBPUSD moved up to the its 100 day moving average at 1.24057 and found risk the finding sellers against the level. 

A brief pause at the 100 day MA, has now given way
However, after a 10-15 minute pause and minor correction to 1.23817, the price rise has resumed with a break of that key moving average at the 1.24057 level.  The high just reached to 1.24232 as stops were triggered.

The range for the GBPUSD on the day is now 220 pips. That is more than twice the 22 day average of 104 pips (about a month of trading).  

Looking at the 5 minutes chart above, there has been minimal corrective activity in the trend move higher (the move is a strong move)   

The move above the 100 day moving averages the first time since September 25.  The last close above was on September 24.  The 30.2% retracement of the 2019 trading range comes in at the 1.25009 level.  If the price can stay above the 100 day moving average (risk is now at the 1.2378 to 1.23917 swing area on the daily chart below), that would be the next key target on the daily chart below.  

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