GBPUSD is higher on the day and in the short term, buyers are in play. The trade above the 100 hourly MA tilts the bias in that direction, but there is still work to be done.
Looking at the daily chart, the technical picture is more in favor of the buyer. What I technically like is that this week’s lows have stalled above the 100-day moving average at 1.2584. This week’s low hit 1.2619, which sniffed the MA, but remained comfortably above that level. The price is also above the 61.8% range since the June 2021 high at 1.27605.
Buyers are therefore in play in the short term via, and more optimistic in the longer term. Next week, traders will focus on whether the short-term bias can continue what started today.