The GBPUSD has moved to new highs and in the process moved above the 100 hour MA and the 50% of the move down from the December high. Both of those levels come in at 1.2453. As such, they represent a short-term target to stay above, to keep the buyers in control. If they can, more upside probing can be expected. Move below and the buyers are disappointed. The sellers wrestle back control in the short term at least.
This article was written by Greg Michalowski at www.forexlive.com.
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