Forex technical analysis: GBPUSD looks toward topside resistance area

Back higher on the day. Bases against the shorter term MA. Intermediate term MAs above.

The GBPUSD is making new North American highs in what has turned into a more up and down type of day.

Looking at the 5-minute chart below, the up and down is evident. In the recent NY session, the pair moved back above the 100 and 200 bar MAs on the 5-minute chart (they are currently at 1.31805 and 1.31857 respectively), and then retested the 200 bar MA before moving to the NY session highs. Those MAs are a risk/bias defining area intraday. Stay above is more bullish. Move below and the bears are back more in control (in the up and down day).

Looking at the hourly chart, the pair at the high today, was able to peak above the 200 hour MA and the 100 bar MA on the 4-hour chart (green and step blue line in the chart below). The 50% retracement also comes in near the level today.

Like the shorter term MAs from the chart above, should those MAs be broken (and remain broken), that would be more bullish.

Nevertheless, I would expect sellers to lean against the two MAs/50% retracement on a test with stops on a break. Both those levels come in at 1.3215 currently. The 50% of the move down from the October 13 high comes in at 1.3212. Key area for trading this week.