GBPUSD trades above topside trend line on the daily chart

Technical Analysis

Author: Greg Michalowski | gbpusd

Trend line at 1.3070.  Stay above is more bullish

The GBPUSD has moved above a topside trend line on the daily chart at the 1.3070 level.

The price has moved to a high of 1.3092. The current price is just under that level. Stay above the 1.3070 level keeps the bulls in control.  On the daily chart, the 1.3139 is the 50% of the move down from the May 10th high (start of the trend line and move lower).  The 100 day MA is up at 1.31825 (blue line in the chart above).  Those are potential targets over time if the price can remain above the 1.3070 level. 

A move below the 1.3070 level muddies the water for the run higher. 

Looking at the 5 minute chart, the 1.3070 level was a high earlier in the day and a swing high area yesterday (there was a brief break before the level stalled the rallies).  That increases the levels importance today.  

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