GBPSUD extends above its 200 hour MA. Buyers make a play for more control

Price of the GBPUSD is up for the 3rd consecutive day

The GBPUSD pair is trading higher for the third consecutive day. In the process the pair has moved above the 50% midpoint of the last trend move lower from the September 23 high at 1.35805 and the falling 200 hour moving average at 1.35925. 

The price last traded above the 200 hour moving average moving average back on September 27 and 28th. Each of those breaks to the upside failed fairly quickly. 

The price today has now been above the 200 hour moving average line for three consecutive hourly bars.  Stay above it at 1.35925 is the best case scenario for the buyers looking for more upside. 

Another lower level of risk would be the 50% midpoint at 1.35805. Move below both those levels and the technical picture does not look that great for the buyers. 

Until then, however, the shorter-term view is more in favor of longs/buyers. On the topside, the 1.36403 to 1.36537 area is the next upside target area (see green numbered circles).  Move above that level should open the door for further upside momentum.

Invest in yourself. See our forex education hub.

Technical Analysis

Articles You May Like

NZD/JPY Price Analysis: Technical outlook favours further decline in the near term as bears push down
Adobe stock slips on soft fourth-quarter revenue guidance
Oil eases on resuming US output after storm, rising rig count
China August: Retail sales +2.1% y/y (expected +2.5) Industrial production +4.5% y/y (4.8)
The Fed has the proof it wants that inflation is slowing, but the next move is still up in the air

Leave a Reply

Your email address will not be published.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