Above the 100 hour MA
The GBPUSD remains confined in a 104 pip trading range post-spike, but I give the nod to the buyers.
That range has been from 1.2859 to 1.2754, and we are now in the 5th day. Today we peeked above a topside trend line. However, let’s face it, the prior day highs up to the 1.2859 and then the 1.2903 high from the snap election high remain as "resistance land mines" on moves higher. The market can get used to ranges, and the longer they last, the more resistance highs (or lows) are made.
Forex technical analysis: GBPUSD remains in the consolidation range but buyers in control.
