Tests 100 bar MA on 4-hour chart as well
The GBPUSD is trading near session highs and in the process is wrestling with the underside of a broken trend line on the daily chart above at 1.2184 and the 100 bar MA on the 4-hour chart at 1.2170. The high for the day just reached 1.21746 – between the two levels. A move above both would another step in the bullish corrective direction for the pair.
Drilling to the 5 minute chart below, the pair has not had much of a breather as it trended higher. So there is some ‘trend day’ tendencies traders should be aware of. A lower trend line on the 5 minute chart comes in at 1.2156. The high from yesterday is at 1.21497. Those are close risk levels for the pair should resistance hold in the 1.2170-84 area and the price start to rotate lower.