Swing area and the 100 hour MA being tested
The GBPUSD has moved up after the as expected CPI data in the US and in the process is up testing its falling 100 hour moving average at 1.38702 along with a swing area between 1.38715 and 1.38761. The high price just reached 1.38754 within that resistance area. Sellers are leaning on the test.
It will take a move above to increase the bullish bias with the falling 200 hour moving average at 1.38899 as the next upside target. Stay below and we could see some further retracement of the gains with intraday support hide near 1.38504.