Fall below the 100 day MA could not be sustained
The GBPUSD has snapped back higher and is trading to a new session high.
The price action today saw the price initially move higher, but later tumbled below the 100 day MA at 1.2887 area. That did not last long, however, and the rebound was on. The price has extended back above the topside trend line and above an old swing area from Thursday and Friday at 1.2921.
The pair is working back toward the swing areas (see yellow areas) and then the falling 100 hour MA (blue line) at 1.2965. The price fell below that 100 hour MA last Monday and stayed below that MA for the rest of the week.
The move is taking the price away from the 100 day MA which is more bullish. It would take a move back below that MA level at 1.2867 this week, to get the downside going again. Before that today, watch the 1.29208 level for bullish/bearish close clues now. Move back below, and the intraday momentum should start to tilt lower again.
For now, however, the bias is looking better for the bulls right now.
