GBPUSD ping pongs with MAs providing the back board

GBPUSD ping pongs between MAs

The GBPUSD ping ponged up and down yesterday with the 100 hour MA above and the 200 hour MA beneath offering the again board for the consumers and sellers.

At this time, the pair initially moved decrease and located help towards the 100 day MA at 1.35066. That MA was simply above the 200 hour MA (at the moment at 1.34968). The transfer greater discovered sellers towards the 100 hour MA for two successive hourly bars. The 50% midpoint of the 2022 vary was additionally on the degree. There was a break greater which ought to have tilted the value motion on a extra bullish trajectory, however that break failed after extending to 1.3563.

Since then the pair has reestablished the 100 hour MA/50% midpoint as resistance. The pair at the moment trades slightly below it at 1.3549.

The ping ponging continues till there’s a break and the break stays damaged. The value is close to the excessive excessive however nonetheless wants the break and run. If the pair can get above, merchants will look towards the 61.8% close to the 1.3600 space. Transfer above that, and the excessive from final week at 1.3567 can be focused.

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