The GBPUSD moved up to test it’s 100 hour moving average yesterday, but found willing sellers against the level and retraced nearly all of the move to the upside before a modest bounce into the close took the price back toward unchanged levels on the day.
In trading today the move to the upside started in the early Asian session and continued into the London/European session. In that session, the price did extend above its 100 hour moving average (blue line) currently at 1.3142,. The current hourly bar moved up to test the 200 hour moving average 1.31665 (the high reached 1.3167), but has so far found willing sellers against that level.
Like the usdjpy-down-for-the-2nd-consecutive-day-with-200-hour-ma-holding-support-20220330/” target=”_blank”>USDJPY point found support against its 200 hour MA, the 200 hour MA in the GBPUSD is also providing some cause for pause.
The current price is trading between the 100 hour moving average below 1.3142 and the 200 hour moving average above at 1.31665 (the current price is at 1.3155).
Traders will be looking for a break in either direction – with momentum – to provide the next trading clue. Right now, there is reason for the shorts in the longs to be cautious as the moving averages to provide bias clues and the price is centered between them.
