The GBPUSD has moved higher in the European session after consolidating through the Asian session. The move to the upside took the price back above its 100 hour moving average (blue line in the chart above). That moving average currently comes in at 1.20785. The high price extended to 1.21147. That was short of the falling 200 hour moving average currently at 1.2130.
Recall from last Thursday, the price moved up to test at 200 hour moving only to find willing sellers. The price rotated back to the downside and that selling continued on Friday sending the price back below its 100 hour moving average.
So today is about a rebound back to the upside, but traders will be watching the 100 hour moving average for clues if the buyers can keep control and keep the momentum going. If it does hold, there is scope for a retest of the 200 hour moving average. Get above that and it opens the door for further upside momentum.
Conversely move below the 100 hour MA, and the short term bullish bias tilt today, loses some of its luster.
It is Monday and over the weekend I did a weekend forex technical report not only for the GBPUSD but all the other major currency pairs vs the USD. You can watch that video HERE: