The GBPUSD buyers are trying to take more control in trading today after a dip lower found buyers against a key hourly MA. More specifically, the price at lows tested the pair’s at 200-hour moving average (green line in the chart below at 1.2692 currently). The price dipped briefly below the moving average on one early bar but quickly snapped back higher. The failure gave buyers the technical reason to push to the upside.
What next?
The GBPUSD price is pushing toward the high from yesterday’s trade near 1.27384 in early US trading, but finding willing sellers ahead of that level. It would take a move above that level, and then above 1.2759 to increase the bullish bias in the short term. Absent that and buyers and sellers are battling it out with the 200/100-hour moving average is below (green and blue lines) at 1.2692 and 1.26803 respectively, and the swing area above between 1.2738 and 1.2759 defining the up-and-down trading range.
This article was written by Greg Michalowski at www.forexlive.com. Source