Buyers making a play for control
The GBPUSD has moved above its 100 hour moving average at 1.23973 and looks to test the high for the day.
The 38.2% retracement at 1.24094 is the next hurdle to get to and through. The high price from yesterday came in at 1.24139 but momentum could not be sustained.
A closing bar above the 100 hour moving average would be the 1st this week. The high on Monday stalled under the 100 hour moving average as did the high price on Tuesday. Earlier today the price tested the 100 hour moving average on 2 separate occasions but could not close above.
The buyers are entering and the price has moved up to test the highs from yesterday at 1.24139 as I type.