Moved above the 100 hour MA and swing area and the bias tilted to the upside
In the UK today, the wage data was a little higher than expectations, and that took the price back above the 100 hour MA at 1.3182, and a swing area defined by swing lows and highs going back to last week’s trading at 1.3180-85 (see red circles). Yesterday, the high stalled in that area (red circle 6).
That break tilted the bias back to the upside.
With the EURUSD taking off as I type, the GBPUSD is also moving to new highs on the day and looks toward the 1.3243-46 swing highs. Those highs were broken on Friday but failed after peaking at 1.3257.
Risk for longs can be eyed on the 5 minute chart. The pair is trending higher and the 100 bar MA is lagging behind. If the price stays above that MA, the trend bulls are still in control. Move below and the bullish waters get a little more muddy.