The GBPUSD held support at the 100 hour MA today and is trading to a new high

In the Kickstart video from earlier this morning, I highlighted the 1.3348 as the key barometer on the downside for the GBPUSD today. Move below it would be more bearish. Stay above it would be more bullish. This is the reference to that level:

Looking at the current hourly chart below, the 100 hour MA was tested on three separate hourly bars in the US session. Each time, buyers leaned against the risk defining level. The most recent one, has now led to a run to a high of 1.34175. The high price from yesterday reached 1.34291. These levels are the highest since February 2024 for the GBPUSD.

The holding of the 100 hour MA also increases that levels importance going forward for traders at least in the short term. For traders bullish on the GBPUSD, put the stop on a break below. I would expect that if broken today, that buyers would be disappointed on the failure.

Looking at the weekly chart below, the price is now trading within a swing area between 1.3411 and 1.3511. That swing area goes only back to June 2018 to December 2020, that area provided a ceiling for the pair.

On more upside momentum, the 1.3511 is the next key target level to get to and through for the buyers to take more c

This article was written by Greg Michalowski at www.forexlive.com.