Up for the 3rd day in a row
The GBPUSD is up for the 3rd day in a row after a 5 day decline before that (to the low on Thursday).
Technically, the run back to the upside today has taken the price back above the 200 hour MA (green line at 1.38195), and also above the 50% midpoint of the move downs from the March 18 high. That comes in at 1.38353. The price has retraced and is taking a peek back below the 200 hour MA. More downside momentum here and we should see come additional liquidation on the failed break.
On the topside the 100 bar MA on the 4-hour is the next hurdle at 1.38538 (see the 4-hour chart below).
Staying on the 4-hour chart below, the swing area between 1.3745 to 1.37582 stalled the corrective fall in the Asian session today. Holding that area today at the lows, gave the buyers the go-ahead to run higher. That area (which goes back to Jan/Feb 2021, remains a key area going forward. Last week, it was broken on the downside but moved back above on Friday (see green numbered circles).
The pair is at a key intraday level. Can the buyers stall the corrective fall or do we see some liquidation after the run above the 200 hour MA and 50% stall?