Last week, the GBPUSD moved up to test the 200-bar moving average on the four hour chart and found willing sellers.
Earlier this week, the price moved up to the 200 bar moving average again and found willing sellers.
On Thursday, the price finally broke above that moving average level of 1.28087. However, momentum could not be sustained. Jobless claims are shorter than expected. Fed officials were less than dovish, and yields started to move higher. The GBPUISD fell to retest its 100-bar moving average on the 4-hour chart near 1.2617. Since then the process worked his way back toward the 200 bar moving average… Again.
Can the buyers push the price above that level and tilt the bias more to the upside? Or will the price stay below and return to another test of the 100 bar moving average on the 4-hour chart and see what happens there?
Those are the close levels for the pair. To find more, watch the video above…
This article was written by Greg Michalowski at www.forexlive.com. Source