GBPUSD corrects higher and closer to the 100 hour MA at 1.26811. | Forexlive

The GBPUSD is trading higher in is a poaching a key resistance and its 100-hour moving average at 1.2681. Also near that level is the high of a swing area between 1.2654 and 1.26858.

Get above that level would be needed for the buyers to have a technical “win” after steady selling over the last six trading days. The GPBUSD is on a 6 day down streak that has taken the price from a high of 1.3000 on November 7 to a low on Friday at 1.25963.

On a move above the 1.2681 – 1.26858 area would have traders looking toward the broken 61.8% retracement 1.27322.

Conversely, stay below and traders will look back down toward the 1.26137 level which was near swing lows going back to June 26, June 28, and July 2.