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A close above will be the first since July 26th
The GBPUSD is back back above the 100 bar MA on the 4-hour chart at the 1.28874 level (blue line in the chart below). A close above would be the first close since July 26th – nearly a month ago. Staying above would keep the bulls more in control for the pair.
The pair did fall short of the 50% of the move down from the July 26 high. That level comes in at 1.29369. A move above would open the door for more upside potential (see target on the chart above).
The price is rotating a little lower as I type. The price is down to 1.2901 currently as news on Cohen suggests he will not be a cooperating witness against the President directly. So the dollar is recovering a bit. The 100 bar MA will be eyed as a test for the bulls and the bears. A break below will eye the 1.28718 which is the broken 38.2% level.