Making new day highs
Earlier today, the GBPUSD spiked above the 1.3000 level and the 100 hour MA on the back of the US CPI data. That rally failed and a new session low was reached (below the triple bottom on the hourly chart). That sell off failed and we are now trading at new session highs.
We are back above the 1.3000 level, the 100 hour MA at 1.2998 and even made new day highs as London traders hit the exits for the weekend.
A last minute order perhaps? Could be. Real break? Perhaps. Stay above the 100 hour MA (and trend line). PS. The EURUSD is inching higher but not cracking any highs. PSS the USDJPY is not doing much at all.
The EURGBP – which was racing higher earlier today – is trading back lower now The tail wagging the dog has been an influence in both the EURUSD and GBPUSD today.