Price remains in the months up and downs trading rangeThe GBPUSD moved higher and traded at the highest level since October 13th (high on that day reached 1.3337). The high today got to 1.3720 before rotating back lower. So, the price remains within the confines of the month long up and down trading range.
The move higher took the price above the pairs 100 hour MA (see green line in the chart above), but it has not been a clean, momentum break. In fact, if you bought the break, there was a 28 pip move higher, but since then, the price action then became more choppy.
In the NY session the pair moved even lower BUT, I will say, the broken trend line that propelled the pair higher yesterday, was remembered today and the price bounced off that level. That trend line will be eyed for bullish/bearish clues going forward. A move below would be more bearish and should lead to further downside price momentum.