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GBPUSD rises to 6-week high.


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Up 0.6% on the day

The GBPUSD is moving to the highest level of the day and in the process is trading at the highest level in 6-weeks (since July 31).

Looking at the hourly chart above, the price is moving toward the topside trend line at 1.3158. The 100 day MA  is within sights of the current price at 1.31697.
The price last traded above the 100 day MA (blue line on the daily chart) was back on April 27th. 
Technically on the daily chart, the GBPUSD moved above a trend line on Thursday and buyers have been trying to hold support above that trend line since that time (including at the lows today).  That keeps the buyers in play – and in control – if that trend line can hold at 1.3058. The price is also above the 50% midipoint of the move down from the May 10th high (start of the last slower trend leg lower) at 1.3139.   A move above the 100 day MA would next look toward the 1.32518.   

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