Pair found buyers near the 100/200 hour moving averages today
The GBPUSD has had a another up and down session with the market rallying in the Asian session, falling in the European session and now rebounding back higher in the early North American session.
The low price today traded above and below its 100 and 200 hour moving averages (blue and green lines) at 1.2399 and 1.23944 respectively. The low price did reach 1.23882. However downside momentum could not be established and overall dollar selling on the Gilead news (higher stocks) has push the pair back higher.
We are currently testing the 50% midpoint of the move down from the April 14 high to the April 21 low. That level comes in at 1.24466.
The price has traded above and below that 50% level over the last 2 trading days. A move back above, would be yet another attempt to increase the bullish bias for the pair. The high price into the European session reached up to 1.24845. The high price yesterday reached 1.25176. That was between a swing area at 1.25137 to 1.25215 (see red numbered circles and yellow area).
