Forex technical analysis: GBPUSD tries to make a break higher
Moves above a topside trend line
The GBPUSD has made a break above a topside trend line in early NY trading. That trend line comes in at 1.3883. The price moved to a high of 1.3895. That was also above the 50% of the move down from the Feb 26th high at 1.38905. The 100 bar MA on the 4-hour comes in at 1.39016.
There is a lot of levels in the 1.3883-1.39016 area and that has helped stall the rise for now.
Nevertheless, the pair is trying to break higher.
On the downside, if the broken trend line is broken (at 1.3883), the 100 hour MA at 1.3863 would be targeted. Below that, the lower trend line (red circles) held support at the day's lows today and would be another downside target on selling. The lower trend line cuts across at 1.3843.
If the 1.3883 is able to find a bid, the buyers can make another push. The battle is on in early NY trading.