The GBPUSD pushed to a session high of 1.33142 early in North America, coming within five pips of the 200-day moving average at 1.33194. Sellers leaned against that level and forced a retreat to 1.3291, but buyers quickly regrouped and drove the pair back higher.
That rebound has now taken the price above the 200-day moving average, with the latest high printing at 1.3330. Buyers are making a legitimate play on that topside break. The question now: Can they keep the momentum and hold above the 200-day MA, which acts as the near-term risk level (allowing for a few pips of give-and-take)?
A more conservative downside risk sits at the 61.8% retracement of the drop from the mid-October high at 1.32943.
On the topside, the next key target is the 100-day moving average, currently at 1.33667.
