Moves above 200 hour MA and 50% retracement at 1.2269
The GBPUSD is making a break for it. That is the pair is breaking above its 200 hour MA and 50% retracement at 1.2269 level.
Earlier in the session, seller came in against the level on two separate occasions. The third has seen a break.
The last time the price moved above the 200 hour MA was back on May 8th at the 1.2442 level. That break only lasted a single hourly bar until the price reversed, and after a retest on May 11, continued a 5 day run to the low on Monday at 1.20729 (at a lower trend line).
The move above the technical levels will have traders looking to stay above as close risk. Stay above is more bullish. The 61.8% at 1.23157 is the next target on the hourly chart.
Taking a look at the daily chart below, an April swing low at 1.22465 and earlier May swing low at 1.2265 is now a support/risk level (see yellow area and green numbered circles on the chart below).