GBPUSD moves toward 100/200 hour moving averages

The GBPUSD has pushed above the high reached before the better-than-expected retail sales near 1.2190, and in the process has moved closer to the falling100-hour movie average (blue line) at 1.22096 and its rising 200-hour moving average (green line) at 1.23162.

Getting above each of those moving averages – and staying above – would be needed to increase the bullish bias. Above those levels is the 38.2% retracement of the move down from the September 12 high. That level comes at 1.22316. Those are the close targets now.

If sellers lean (and the two moving averages give sellers the opportunity to do that), a move back lower would have traders looking toward the high prior to retail sales at 1.21904 as the closest target that if broken would give sellers more confidence. .

This article was written by Greg Michalowski at Source