200 hour moving average 1.37157

The GBPUSD is trading at a new session high in the process is started to crack above the 200 hour moving average at 1.37157. Staying above the level would be more bullish. The next upside targets include the 38.2% retracement of the move down from the September 13 high at 1.37247 along with a swing area between 1.37247 and 1.37332.

200 hour moving average 1.37157_

Looking at the daily chart below, the low price from last week bottomed ahead of the swing low from August at 1.36016. The low price reached 1.36088 on Tuesday last week. The low price from July reached 1.3571. The price remain comfortably above that level.

Although the price is rebounding, it still remains below the 200 day moving average at 1.3838 and the 100 day moving average at 1.3892.

GBPUSD on the daily chart.