GBPUSD tests 100 hour MA/downward trend line

GBPUSD tests topside trendline/100 hour MA

The GBPUSD is trying to push above a topside downward sloping trendline along with its 100 hour moving average (blue line in the chart above). Both those levels come near 1.2114. Get above with momentum would have traders looking toward the 200 hour moving average 1.21524. The high from yesterday at 1.2137 would also be a upside target. Recall from yesterday, that high price stalled right near its 100 hour moving average (blue line)) and found willing sellers.

On the downside today, in the Asian session, the price tried to move below a downside target near 1.20619 (see blue numbered circles), but found support buyers. The move back above the swing area between 1.20866 and 1.20989 turned the sellers to buyers (see green numbered circles). That area is now a close intraday risk area. Stay above, gives the buyers the bias tilt.

Michael Cooper

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