The 1.3000 level also looms above
The GBPUSD has wandered higher in up and down (but more up trading today). The price just moved up to test its 200 hour MA at 1.29908 and backed off. The pair trades at 1.2977 currently. The high price reached 1.29909 (just a fraction of a pip above the MA level). Sellers are leaning on the first look.
ON the downside, close target support will be eyed at 1.29677. It was the high from yesterday and tried to stall rallies in the Asian session. In the London session, the price stepped above. There was a test of the area on the last hourly bar (see chart above). A break below could see traders reverse positions with the 100 hour MA a downside target.
If the 200 hour MA is broken above, the 38.2% and the natural resistance at the 1.3000 level could still be a challenge for the buyers. With the break above looking toward the 1.30286 level (100 bar moving average on the 4 hour chart) and the 50% retracement at 1.30398.
