The GBPUSD continued the trend move higher with the pair moving away from the 50% retracement at 1.26316, the 200 hour MA at 1.26475, and was even able to get above a swing area at the 1.26614-698. However, the spike above that last area has seen some hesitation. We are back retesting the 200 hour MA. Stay above keeps the bulls in control, and the trend intact.
Drilling to the 5 minute chart the correction of the last trend leg higher has been able to stay above the 38.2-50% of the last move higher at 1.2646 to 1.2653. Stay above that area (see chart below) and the trend goes on.... Move below, muddies the water a bit for the trend at least.