GBPUSD breaks back above its 100 hour moving average. Buyers take their shot.

GBPUSD is taking another shot above its 100 hour MA The GBPUSD has broken to a new session high and in the process has moved above its 100 hour moving average at 1.30285. That break higher comes after the pair moved to the lowest level since November 6 earlier in the day after taking out the swing low from April 8 at 1.29818. The low price reached 1.2971 before rotating back to the upside. Helping the technical view in the near term is that the last swing low – before the recent move to the upside over the last few hours – could only get to 1.29899 before the push back higher. With the price back above the 100 day moving average, the buyers are taking another shot at the upside. Recall from yesterday, the GBPUSD price extended above the 100 hour moving average (the MA was at a higher level) but reversed and buyers turned to sellers into the close. Back on April 7, a similar move was made only to have the buyers shot miss. So this is the third shot in the last five trading days. Technically, you have to respect the break (even though the last two breaks failed). As a result the 1.30285 is close risk for buyers with work to do on the topside. Getting above a swing area between 1.30419 and 1.3049 is the next target. The high from Monday's trade at 1.30566 and the falling 200 hour moving average (green line) currently at 1.30635 would then be the next required targets to get to and through if the buyers are to continue to connect progressively higher levels, and in the process take back more control. Absent those breaks and the sellers overall are still the dominant hand and the move higher was just a modest correction of the recent move lower. The roadmap is defined with the 100 hour MA the key support level now.