100 and 200 hour MA and 50% retracement
The GBPUSD has moved up to some formidable topside resistance defined by the 100 hour and 200 hour moving averages at the 1.3204-104 area. I would expect sellers to lean gives that area with stops on a momentum move above. The 50% of the move down from the March 5 is also in the area at 1.31912.
If the resistance holds, the 1.3164 is the broken trend line (highs from Tuesday, Wednesday and Thursday. Get back below that line and sellers will have more confidence.
The level should stall the rally, but as always, it is Friday and that can bring some extra volatility into the weekend risk. That is why we have stops.
So far though, the sellers are leaning/taking some proift against the resistance targets.
