GBPUSD moves back above the 1.3000 level (and 100 hour MA too)

[TraderSmith]

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.

[EderT]

The GBPUSD pair finally broke through the 1.40 region over the course of last week as the underlying bullishness and buoyancy finally shone through. This underlying sentiment was there for everyone to see over the past few weeks and it needed some strong and fundamental to happen for the pound to get the required momentum and this happened over last week.

GBPUSD Breaks Through
The first was the Fed rate announcement and the press conference where the Fed hiked rates for the first time this year. This was something that was quite expected and hence it was priced into the markets but the fact that the new Fed Chief Powell did not lay out a timeline or committed to accelerated rate hikes was a disappointment for the dollar bulls and this led to a sell off across the pound. This was the momentum that the bulls in the pound needed and they showed their intent by pushing the pair through the 1.40 region and though the 1.41 region as well.
CHF/GBP

Bearish: Currently we are @ 1.3034 out of the correction. If we can break this support, we are initially looking for a continuation to the Day support @ 1.2957 and a further target at the 1.270 Fibo @ 1.2848 area. The average daily true range (ATR) for the pair currently is 101 pips.
https://d1-invdn-com.akamaized.net/content/pic8d614d8ac521edd7cbfe09a5845bf5f2.96
You know how convert this pair, you can use
Convert CHF (Swiss franc) to GBP (British pound sterling) (https://alpari.com/en/analytics/currency/converter/CHF-GBP/)