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Another GBP/USD rebound delivers a move above technical resistance

Yesterday an update here noted how the GBP/USD rebound to 1.2550 on Wednesday had stalled exactly on its 200 day moving average. The rejection of that level at the first time of asking had been followed by a drop back to a low at 1.2472 ahead of the 4pm London Fix yesterday. However, since then the GBP/USD has been on the rebound again and it closed in the US last night at 1.2534. The pound has extended that rebound today and it has now risen above that noted 200 day moving average (now in place at 1.2549). The high set a short while ago was at 1.2557. It is just now trading at 1.2554 
 

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