Exceeding the 200-hour MA is bullish
GBPUSD trades close to session highs and has moved above the 200-hour moving average of 1.3770. The pair is testing a 61.8% return on the July trading range at 1.37802. Buyers and sellers are fighting close to these two technical levels, but buyers are still more in control.
Giving buyers control was earned at the beginning of the Asian session. The initial move was lower today. This step brought down a couple of prices to basic technical levels, including a 200-day moving average and a 100-hour moving average (see yellow area in the chart above).
However, the lowest price of the day stopped at the highest price of 1.36891 on Tuesday. When the price moved back from the 100-hour moving average / 200-day moving average, sellers and buyers gave up. The price moved higher. The tendency shifted from sellers to buyers.
As I wrote, I wrote that the couple now breaks 61.8% in retrospect. The next target will be 1.3800. Levels 1.3796 to 1.3800 are also a swing area (see green numbered circles). Exceeding this level opens the door to further rise.
The close risk for buyers is currently a 200-hour moving average. After a pause, return to this level, this may / should lead to troubleshooting / corrective action. The target would be the 1.3752 region and the 50% center of the 50% trading period.