NoThe GBPUSD is higher on the day but with its share of up-and-down volatility. The price is back above its 100 and 200-hour moving averages at 1.2702 and 1.27188 respectively. If the price can stay above those levels, the buyers are more in control in the short term.
On the top side, the high price today stalled near a swing area on the hourly chart near 1.2739. Get above that level and traders would target a swing area between 1.2789 and 1.27994. Above that is a 38.2% retracement of the move down from the July high at 1.2816.
Conversely, move back below the 100-hour moving average (at 1.2702) and then a low swing area near 1.2678, and traders will look toward the 100-day moving average down at 1.2615.
This article was written by Greg Michalowski at www.forexlive.com. Source