The GBPUSD is pushing higher in trading today and in the process has seen the price move away from its 100 year moving average (blue line in the chart above). That moving average was sniffed in the early Asian session, but buyers came in against the rising 100 hour moving average and pushed the price higher. In the early US session, the high has been extended to 1.23838. The next target comes at the natural resistance area 1.2400.
Looking at the hourly chart above, the price low last Friday stalled near its rising 200 hour moving average (green line in the chart above), and pushed higher. On Monday of this week the price initially moved above and below the higher 100 hour moving average before settling above the level. On Tuesday the low price stalled ahead of that 100 hour moving average again (see blue line in the chart above), but found willing buyers. Ultimately, it would take a move below both the 100 and 200 hour moving averages to increase the bears bias. Until then, traders who are looking for more upside are in more control.
Taking a broader look at the daily chart below, the price today is moving away from the 50% midpoint of the trading range since the 2021 high. That midpoint comes in at 1.23006. The low price today reached 1.2293 before bouncing back higher. On the topside if the momentum is to continue, the pair will target swing high prices in December at 1.24458, and the high price from January at 1.2447 (just a few pips higher). Get above that ceiling, and the door opens up for an additional move toward the 1.2600 area.
