Forex Review Online
No Result
View All Result
  • Home
  • Crypto
  • Education
  • News
start trading today
  • Home
  • Crypto
  • Education
  • News
No Result
View All Result
Forex Review Online
No Result
View All Result
Home ANALYSIS

GBPUSD can’t stay below the 1.3000 level for the 2nd consecutive day

A.R Chowdhury by A.R Chowdhury
April 11, 2022
Reading Time: 2 mins read
0

GBPUSD

GBPUSD traders await the next shove in either direction

The GBPUSD fell below the lows from March 14 and March 15 down to 1.29987 (call it 1.3000) on Friday and moved to the lowest level since November 5, 2020 in the process (to 1.29811). However, momentum could be sustained and the price rallied into the close at 1.30338.

Today, the GBPUSD price moved to the downside into the early European session, and in the process moved back below the 1.29987 level to a low price of 1.2988. That low was above the Friday low. Moving back above 1.3000 level gave the sellers cause for pause. That led to a rotation back to the upside. However, the price rise stalled ahead of its falling 100 hour moving average (blue line) currently at 1.30613 (and moving lower). The current price is trading at 1.3032 taking the GBPUSD back to unchanged on the day.

What now?

The 1.3000 is still hard to ignore in remains a barometer for buyers and sellers. I know there have been to failed breaks with one on Friday and one today, but getting and staying below that level would still increase the bearish bias. The low for, the North American session low as only been able to get down to about 1.30168.

On the topside, ahead of the falling 100 hour moving average at 1.30613, traders will be watching what happens near the swing area between 1.30419 and 1.3049 (see red numbered circles in the chart above).

If sellers on any rebound are able to hold below that level, and the last three hours have seen that, that is in the favor of sellers in the short term for the GBPUSD. A move above however will have traders looking toward the aforementioned falling 100 hour moving average. Get above that level in there should be more upside corrective probing with the 200 hour moving average 1.30933 as the next major target to get to and through.

Last week, the price did move above that 200 hour moving average level on Tuesday, but could not sustain momentum after getting close to the the March 31 high near 1.31689.

So overall, there is some dip buying opportunities on the failed break below the 1.300 level. There is also some selling opportunities against the falling 100 hour moving average (and the lower swing area). Traders are battling it out with buyers and sellers both looking for the next shove.

In the meantime, dips may be brought and rallies may be sold with close stops on breaks below and above aforementioned technical levels.

ADVERTISEMENT – CONTINUE READING BELOW

Source link

RELATED POSTS

EURGBP erases gains and returns to a familiar bias defining level

New highs for US stocks. The Nasdaq continues to lead

USDJPY has 3 key technical levels that have stalled the rally higher today

ShareTweetPin
A.R Chowdhury

A.R Chowdhury

Related Posts

EURGBP erases gains and returns to a familiar bias defining level
ANALYSIS

EURGBP erases gains and returns to a familiar bias defining level

August 14, 2022
New highs for US stocks. The Nasdaq continues to lead
ANALYSIS

New highs for US stocks. The Nasdaq continues to lead

August 14, 2022
USDJPY has 3 key technical levels that have stalled the rally higher today
ANALYSIS

USDJPY has 3 key technical levels that have stalled the rally higher today

August 14, 2022
WTI crude oil futures settle at $92.09
ANALYSIS

WTI crude oil futures settle at $92.09

August 14, 2022
Bitcoin technical analysis, bulls might be giving up soon
ANALYSIS

Bitcoin technical analysis, bulls might be giving up soon

August 14, 2022
The weekend forex technical report for the week of August 15, 2022
ANALYSIS

The weekend forex technical report for the week of August 15, 2022

August 14, 2022
Next Post

USDCAD moves to 200 day MA and swing area but backing off a bit

AUDUSD trades to lowest level since March 22

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

USD/JPY pares losses on the session but sellers still in near-term control

July 31, 2020

EURGBP tumbles lower. Looks to test swing area.

June 5, 2020

S&P tests 2900 and NASDAQ tests 9000 levels. Natural resistance targets.

May 7, 2020

Popular Stories

  • The USD is the strongest and the NZD is the weakest as the NA session begins

    0 shares
    Share 0 Tweet 0
  • New highs for US stocks. The Nasdaq continues to lead

    0 shares
    Share 0 Tweet 0
  • EURGBP erases gains and returns to a familiar bias defining level

    0 shares
    Share 0 Tweet 0
  • What is forex and How does it work?

    0 shares
    Share 0 Tweet 0
  • What is CFD trading?

    0 shares
    Share 0 Tweet 0
Forex Review Online

© 2022 My Forex Review - Designed with Jnews Theme.

Navigate Site

  • Home
  • Crypto
  • Education
  • News

Follow Us

No Result
View All Result
  • Home
  • Crypto
  • Education
  • News

© 2022 My Forex Review - Designed with Jnews Theme.