The GBPUSD moved above its 200 hour moving average 4-5 hours ago. Bullish technical development. The price has been able to stay above that moving average over that time period.
The not so bullish technical development is that the momentum to the upside has been limited. The high price has reached 1.25312. It is 18 or so pips above the moving average level, but there is a ceiling developing at the level.
The price currently trades at 1.2520 with the 200 hour moving average currently at 1.25135.
Is a positive development today is that the price moved above the 100 day moving average at 1.24967 and a downward sloping trendline connecting recent highs. As a result the tilt leaned toward the buyers. However, staying above the 200 hour moving average will be eyed by both the buyers and sellers going forward.