GBPUSD Tests High For The Day

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The GBPUSD is testing the high for the day at 1.2433. In the process it is moving away from a broken trend line at 1.24064. Stay above that broken trend line and the buyers are in control.

Moves away from broken trend line

On the topside the high from Friday came in at 1.2455. That was near the low from June 15 at 1.2453.Getting above those levels would open the door for a test of the 100 hour moving average currently at 1.2475 and moving lower. 

Recall from last Tuesday, Wednesday and Thursday, the price approached the 100 hour moving average only to find sellers leaned against that level. So it is a key topside target that needs to be broken to increase the bullish bias. Above that comes at the 100 day moving average at 1.25013.

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