Skip to main content

GBPUSD bounces back higher today after the up and down day yesterday

#
GBPUSD
The GBPUSD is between the 100 and 200 hour moving averages

The  GBPUSD  moved up to test it's 100 hour moving average yesterday, but found willing sellers against the level and retraced nearly all of the move to the upside before a modest bounce into the close took the price back toward unchanged levels on the day.

In trading today the move to the upside started in the early Asian session and continued into the London/European session. In that session, the price did extend above its 100 hour moving average (blue line) currently at 1.3142,. The current hourly bar moved up to test the 200 hour moving average 1.31665 (the high reached 1.3167), but has so far found willing sellers against that level.

Like the usdjpy-down-for-the-2nd-consecutive-day-with-200-hour-ma-holding-support-20220330/" target="_blank">USDJPY point found support against its 200 hour MA, the 200 hour MA in the GBPUSD is also providing some cause for pause.

The current price is trading between the 100 hour moving average below at 1.3142 and the 200 hour moving average above at 1.31665 (the current price is at 1.3155).

Traders will be looking for a break in either direction – with momentum – to provide the next trading clue. Right now, there is a reason for the shorts and the longs to be cautious as the moving averages provide bias clues, and the price is centered between them.


Trading analysis offered by RobotFX and Flex EA.
Source #RobotFX Team
Labels:

Comments

Post a Comment

Popular posts from this blog

GBPUSD up and down. Back down testing 61.8% and swing area.

# GBPUSD tests 61.8% and swing area The GBPUSD is in an up and down day. The    GBPUSD  moved higher earlier. That move was helped by better than expected retail sales. However the high price today stalled near the high price from last week near 1.3643, and rotated back lower on the USD buying. The subsequent move lower now has the price back toward the 61.8% retracement along with a swing area between 1.35969 and 1.36034. As I type, the price has dipped below that swing area. What next? If the price can stay below the 1.36034 area, that would be the best case scenario for the sellers with the next major targets coming in at the 100 hour moving average 1.3569 (blue line), and the 200 hour moving average at 1.35609 (green line). The 50% midpoint of the 2022 trading range is just below those levels at 1.35526 and would be a another target on further weakness. A move back above 1.36034 with momentum would have traders looking again toward 1.3618 to 1.36271 and then t...
Post a Comment
Read more