Cracks above topside trend line.
The rally /squeeze in the GBPUSD continues with the pair moving above a topside trend line of daily chart at 1.3031 and now tests the 200 day MA at 1.30801 level. The price has not traded above that MA since May, 2018.
I would expect sellers to lean against the level on the first test as is to be defined and limited, with stops on more momentum above the level. A break above would look toward the 38.2% at 1.31877 over time. The November 2018 came in at 1.3173. That too is a target off the daily chart.
Drilling to the 5 minute chart, the pair is trending higher. The pair has two trend like moves higher. The first run higher stalled at the 38.2% retracement and moved higher. The current move has the 1.3046-545 as the 38.2-50% of the move up as retracement support now. Stay above, keeps the trend day alive for the pair. Move below, would weaken the trend continuing idea. The 200 day MA is stalling the rally so far.
