GBPUSD spikes back above its 100 day moving average. Risk level for longs now
The comments from European Commissioner Juncker that "we can have a deal" on Brexit, has pushed the price of the GBPUSD back above its 100 day moving average of 1.24919. The pair has tried to extend above that moving average on a number of occasions over the last three trading days. Each has failed.
Will this be the one that does not fail? Stay above is the risk for longs now.
The pair has extended up to a high price of 1.25362 so far. We currently trade 1.25245. The high reach to a new high for the week. The previous high was on Tuesday at 1.25260.
Looking at the daily chart below, the price has not closed above its 100 day moving average since May 9. The next upside targets come in at 1.2580 and a topside trendline at 1.2630. The 50% retracement of the move down from the March high comes in at 1.26687.
