Forex

GBPUSD trade above and below its 200 day moving average today

GBPUSD has moved up three consecutive days

The GBPUSD is engaged on its third day greater and 4 of the final 5 buying and selling days. For the reason that current corrective low on January 6 at 1.3489, the worth has moved to a excessive at the moment of 1.37479 (or 259 pips).

Wanting on the every day chart, the transfer up over that point interval has taken the worth above its

  • 100 day shifting common at 1.3550,
  • A downward sloping trendline,
  • The 50% retracement of the transfer down from the June 2021 excessive at 1.3704, and extra just lately,
  • The 200 day shifting common at 1.37337

The transfer above the 200 day shifting averages the primary since September 17. Again in October, the worth moved as much as take a look at that shifting common solely to seek out early sellers towards the extent. That led to the pattern transfer right down to the December low at 1.31588.

Merchants will probably be watching the 200 day shifting common as shut help, however perceive that the worth has traded above and under that degree at the moment (see hourly chart under). A extra conservative threat defining degree can be on a transfer again under the 50% retracement 1.3704 (and perhaps under the pure help at 1.3700). The low worth at the moment got here in at 1.36997.

Drilling to the hourly chart under, the worth low on Tuesday stalled towards its 100 day shifting common. That was a catalyst for extra shopping for.

Getting above 1.3600 and staying above on Tuesday after which 1.36188, give the consumers extra confidence. The letter degree held help throughout buying and selling yesterday earlier than shifting greater (see crimson numbered circle seven). Presently the costs leaning towards the sooner highs for the day at 1.37479 with the 200 day proper under at 1.37338.

The consumers are making one other play. Can they shove the worth above the highs and transfer additional away from the important thing 200 day shifting common? If that’s the case, a swing space between 1.3778 at 1.37997 can be the following upside goal space.

GBPUSD

GBPUSD commerce above and under its 200 day shifting common

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