The topside is meh….
The GBPUSD is trading near highs for the day but I can’t say the price is racing higher. The pair is well below the highs from yesterday at 1.23528 and Tuesday at 1.23622. The high price today just reached 1.23037.
What can be said definitively from a technical perspective is that the low from yesterday stalled right at a lower trend line (see red circle 4). Bullish. The low today stalled between the 100 and 200 hour MAs (blue and green lines). That is bullish too. The bulls/buyers have more control.
So longs/buyers remain more in control. Can the price continue the squeeze higher from here? We will see. The highs from yesterday at 1.23528 and Tuesday at 1.23622 are targets on more momentum.