No hourly bar closes below the 100 hour MA today keeps the buyers in control.
The GBPUSD is climbing back toward the Friday high at 1.31694. That level represents the highest level for the pair going back to March 9. The high price on that day reach 1.31996. There were other swing highs in the month of January that extended up to 1.32116 (see daily chart below.
Drilling to the hourly chart, the price lows today did move below the 100 hour moving average, but momentum could not be sustained and the price rebounded back above
(no closes below the 100 hour moving average). The price also moved above a topside trend line and a swing area between 1.3104 and 1.3110. It will take a move back below that area (and the rising 100 hour moving average) to hurt the more bullish bias.
Overall buyers are in control, with the high from July 31 and even bigger resistance around the 1.3200 area (up to 1.3211) from the daily chart. Sellers are not in control, until they can get below 1.31046 to start, and then the rising 100 hour moving average.
Reprinted from forexlive, the copyright all reserved by the original author.
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