Trend line looms
The GBPUSD just took a run to a new session high at 1.28637, but quickly faded the move a bit.
The move higher took the pair closer to a topside trend line target at 1.2872, and away from the 200 hour MA (green line). Above the 1.2872 is a topside swing area (red numbered circles) at 1.28828 area.
Close risk is the 200 hour MA. Traders will be eyeing that line for intraday bullish and bearish clues. Stay above keeps the bulls/buyers in more control intraday.
If the price falls back below the 200 hour MA (green line at 1.28414), the 100 hour MA will be targeted as the bias shifts back to the downside. That MA was busted on the way higher in the early European session.
In summary…. the bulls are the aggressor today and will remain so, above the 200 hour MA.