But not running so be careful
The GBPUSD is trying to push above its 100 and 200 hour MA.
The 200 hour MA stalled the rally earlier in the day but backed off. After a modest decline, the pair stall at the 100 bar MA on the 5 minute and 38.2% retracement, the pair moved back higher. The high extended to new highs and above the 200 hour MA.
The price has come back below that MA line and the risk is that traders willl see the break as a failure. Watch the 200 hour MA now for sellers who may lean against the level. If it can be retaken, the buyers should look to explore higher. If it is a fail, the 100 hour MA at 1.2478 will be eyed for more bearish clues (get below is more bearish).
The pair was pushed higher earlier today on the back of better than expected retail sales. For an earlier post on the pair, CLICK here.
