Rebounds after check of 100 hour MA discovered patrons right this moment
The GBPUSD is buying and selling to a brand new session excessive. The US shares have moved again towards the black within the main indices and that’s serving to to push the USD decrease.
Technically, the worth of the GBPUSD did transfer decrease initially within the Asian session in a continuation of the NY afternoon session transfer decrease that took the worth within the purple for under the 2nd time in eight buying and selling days by the shut.
The low, nevertheless, did discover help patrons forward of the 100 hour MA (blue line) at the moment at 1.25657. The patrons reentered and that helped to rebound the worth greater (albeit in a uneven vogue).
One other stage of significance comes between the 1.2591-998 space. This space has been dwelling to highs and lows on the hourly chart this week (see purple numbered circles). In the present day, the worth chopped above and under that space as merchants wrestled with the following directional focus.
Nonetheless, patrons appear to be taking extra management with the greenback promoting being the catalyst (not less than for now).
The excessive for the day yesterday reached 1.26688. The 200 day MA is up at 1.26873. If the worth help can now maintain (with 1.2591 and the rising 100 hour MA as a barometer for the bullish bias now), these targets might be in merchants eyes as the following key targets. The GBPUSD final traded above its 200 day shifting common again on June 11. The worth traded above and under that shifting common for five buying and selling days. Recall that in April, the worth highs stalled in opposition to that shifting common stage.
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