In the updated look of the GBPUSD, the technicals show the pair bouncing solidly off of the convert 100 and 200 hour movie are just near 1.2740. The inability to get below those levels gave the buyers the go-ahead to push higher.
As London traders head for the exits, the 1.2800 area becomes the next upside target resistance (between 1.2793 and 1.2802). Sellers looking to lean against the recent high (highest load going back to March) should lean against this area. However, getting below the aforementioned 100 and 200-hour moving averages will be needed to increase the bearish bias.
This article was written by Greg Michalowski at www.forexlive.com.
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