GBPUSD above the 1.24378-417 area
The GBPUSD has cracked above swing lows from last week (Monday/Tuesday) at 1.24378-417 area. The move is now approaching the 38.2% of the move down from last week’s high at 1.25781. That level comes in at 1.24566. Above that and the 50% at 1.24798 followed by the 100 and 200 hour MAs at 1.2499 area.
Taking a broader look on the daily chart, the pair fell below a trend line yesterday and traded to new lows today before moving higher and failing on that lower trend line break.
Buyers are making a play on the failiure. Bullish? It is looking better technically, but traders will want to see the price stay above that old trend line (at 1.2417 currently).