Moves away from the 100 hour MA and swing area
The GBPUSD on the last dip today, based against a swing area between 1.3745 to 1.3758. The chart below shows that swing area on the 4-hour chart below.
Looking at the hourly chart below, the price also broke above the 100 hour MA at 1.3756 (blue line), and has now also cracked above the 38.2% at 1.37962. The high has reached 1.38117. The next target comes in at the 200 hour MA at 1.38287. The 50% of the move down from March 18 high comes in at 1.38353.
Last Friday, the GBPUSD closed at 1.3863. The high for the week was reached on Monday at 1.38763. The low for the week yesterday fell to 1.36699. The current price at 1.3801 has the pair still down 62 pips, but of the lows (and above the midpoint for the week at 1.3773.