GBPUSD trades between the 200 and 100 hour MAs on corrective move higher.

100 day MA between the hourly MAs too

The GBPUSD spent most of the Asian session going sideways in trading today.  The price stayed between the low from Friday at 1.3054 (low 1.30618) and the 1.3100 level.  

As the European session got started, the price started to push higher.

Technical clues of the shift came from the 5-minute chart below.  Looking at that chart, the price started to extend above the converged 100 and 200 bar MA (blue and green line) with momentum and that move changed the bias.

The price stalled at the 200 hour MA (see overlay on the 5-minute chart below) at 1.3126 currently.  There was a final push that took the price to the 100 hour MA at 1.31627. 

What next?

We trade between the 100 and 200 hour MA.  Those levels are now support and resistance until we get a break and run. 

PS As I type the GBPUSD has gotten a boost from the run up in the EURUSD on Draghi's comments.  The 100 hour MA is being pushed now.  The EURUSD tests the high from last week at 1.18024.

via : forexlive