GBPUSD looks to close the week w/ more upside momentum.Sellers had their shot and missed.

The GBPUSD moved lower and to new week lows in the European trading session, but after testing is a 200-hour moving average, sellers turned to buyers and started a run to the upside. That move to the upside was helped by lower inflation expectations from the Michigan consumer sentiment report.

Technically the price moved back above its 100 hour moving average at 1.27135. That level will be a risk-defining level going forward into the new trading week. Staying above keeps the buyers more in control.

On the topside, getting above the Wednesday high price at 1.27605 should lead to more upside momentum as market traders play the break after what has been a narrow trading week for this currency pair (less than 90 pips).

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