100 day MA getting closer
The GBPUSD keeps truckin’ higher.
The pair is testing the underside of a broken trend line at the 1.2371 level. Above that is the 50% retracement of the move down from the September high at 1.23077. Finally above that is its 100 day moving average currently at 1.24051. The price has not traded above the 100 day moving average cents September 25th
Looking at the daily chart below, the 1.23786 to 1.23917 area is home to swing levels going back to July and September (see red circled numbers). Earlier this month, the price did the spike above that area but only briefly and the price rotated back down. Keep this area in mind ahead of the key 100 day moving average at 1.24038.