GBPUSD has rebounded firmly after moving back above its 200-bar moving average on the 4-hour chart (upper green line on the chart above), and the 100-bar moving average on the 4- hour chart (blueline on the chart above) earlier today.

The move above the 100 bar moving average gave the buyers a go-ahead to push toward the swing area between 1.2970 and 1.2988. The high of that swing area is being tested currently. Break above and the 1.30139 level would be the next key target.

Over the last five – six weeks, the price has traded most the time in between 1.28608 and 1.30139 (red box on the chart above). Last week there was a break to the upside with increased upside momentum that took the price all the way to 1.32067. This week, the start of the trading week saw the price move to the downside (helped by a break of the 200-bar moving average on the 4-hour chart). The low price found support buyers near a swing area at 1.2718 on Monday and started to build back to the upside.

Key technical levels now:

• Resistance: 1.2988 (top of swing area). 1.30139 (red box top)

• Support: 1.29608 (low of swing area). 1.29247 (100 bar moving average on the 4-hour chart). 1.28733 (200 bar moving average on the 4-hour chart). 1.28148 (200 day moving average)

• Bias: Bullish above 1.2924, targeting 1.3014;