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GBPUSD cracks above swing lows from last week


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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).

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