GBPUSD breaks trend line
The GBPUSD is moving to a new session high and in the process is moving away from a broken trend line and above the 200 bar MA on the 4-hour chart at 1.22772 (currently – see green line).
The break above the 200 bar MA is the first crack above since July 1.
The next target comes in at 1.2304. That is the 38.2% of the move down from the June 25 swing high.
This week the price was able to break above swing levels at 1.21749 to 1.2190 and stay above on the correction lower at the start of trading today (low today reached just above the high of that area at 1.21935. That gave the buyers the AOK to take the price higher.
It will take a move back below the broken trend line at 1.2266 currently (and moving lower), to
weaken the technical picture.