GBPUSD breaks above its 200 hour MA/38.2% retracement

The GBPUSD is making a break for it.

The pair moved above its 200 hour moving average for the first time since June 28 earlier in the European session. The price has more recently moved to a new session high and in the process extended with momentum away from it's 38.2% retracement at 1.1978. The current price is also making a move above the 1.200 level. The price currently trades at 1.2008 just off the high of 1.2009.

The 38.2% retracement will now be eyes as close support at 1.1978. Stay above and the buyers are more in control in the short-term. Move below and there will be some disappointment on the break.

On the top side, the 50% midpoint of the move down from the June 27 swing high cuts across at 1.20456. That would be the next upside target on further momentum.