The GBPUSD is higher on the day and in the short term, the buyers are “in play”. Trading above the 100 hour MA tilts the bias in that direction but there is work to do.
Looking at the daily chart, the technical picture is more in the buyer’s favor. What I like about it technically, is the price lows this week stalled above the 100-day MA at 1.2584. The low this week reached 1.2619 which sniffed the MA, but stayed comfortably above that MA level. The price is also above the 61.8% of the range since the June 2021 high at 1.27605.
So buyers are in play in the shorter term via, and more bullish in the longer term view. Next week traders will be focused on if the short term bias can continue what is started today.
This article was written by Greg Michalowski at www.forexlive.com. Source