Lots of overhead resistance
The GBPUSD moved up through channel trend line and the 38.2% and the close from yesterday all around the 1.3202 area. That kept the bulls more in control.
However, the pair is running into more overhead resistance defined by the 100 hour MA, the 200 hour MA and the 50% retracement. That cluster of resistance comes in between 1.32235 and 1.32317. The high reached 1.3223.
Is it the end of the run?
It’s Friday, the run tried to stall at the 1.3202 level, but that did not last for long. Buyers have been pushing for the entire NY session with little fight by the sellers.
The fundamental catalyst was more favorable comments from BOE Cutliffe. Tougher talk but PM May on UK’s Brexit seemed to help (taking a page from Donald Trump perhaps).