GBPUSD 200 hour moving average comes in at 1.34612
The GBPUSD chopped higher in the Asian/early European session. In the process the price did move above the next target between 1.35032 and 1.35093, but fell short of other targets including the swing low from November 9 at 1.35228 and the 38.2% retracement of the move down from the October high at 1.35363.
The subsequent move to the downside has seen a push lower in the last hour or two of trading with the price extending back toward the 200 hour moving average at 1.34612 (green line in the chart above). The low just reached 1.3463– two pips short of that moving average level. The dip buyers leaned on the first test. The price is currently trading back up at 1.3482.
Although buyers are disappointed that the price has not been able to extend toward the 38.2% retracement (on the topside), they can still the encouraged by the buyers against the support at the 200 hour moving average. It would take a move below the 200 hour moving average to hurt the dip buyers, but it also takes a move above the 38.2% retracement at some point.
