Headline news sends the GBPUSD racing higher. Decision time.
Price is above the 100 hour MA, and up to the buyers to keep the shift going
All it takes is a headline in the GBPUSD, and the Johnson/Veradkar headline did just that (see post here).
The price of the GBPUSD spike higher and in the process moved above its 100 hour moving average at 1.22609. Earlier today at moving average stalled the rise. You can say it also stalled the rise in trading yesterday (see post here).
The run higher has other upside targets including a topside trend line and the 200 hour moving average. So far the trendline and moving average has stalled the rise.
So the battle is on between support at the 100 hour moving average and resistance at the 200 hour moving average/trendline. Is it time for the buyers to take control?