Has not closed above since Feb 24th. Can the GBPUSD stay in the black today.
The GBPUSD is following the dollar lower and perhaps getting a boost off the inability to take out the lows from yesterday. The GPPUSD has rallied higher and in the process tested the 100 hour MA at 1.2188. The high reached 1.21873.
The GBPUSD has NOT traded above the 100 hour MA (blue line in the chart above) since Feb 24th. The price has been down 9 of 10 days since that day (yesterday the decline was only by a few pips but it was lower).
Today, the price is higher than the close from yesterday at 1.2162.
Can the price now stay in the black (above 1.2162) on the correction off the 100 hour MA, AND then get above the 100 hour MA.
Those are the levels of importance now. PS the midpoint of the days range is 1.2161 now. I like staying above the midpoint if the buyers are to remain in control for a Friday trade. Risk for dip buyers is a move below that the 1.2161-62 area. The hope is a move above the 100 hour MA for a cover higher.