Consolidating in a three day range
The GBPUSD is trying to extend above its 100 hour MA and get out of the three day range with a high at 1.2850 and a low at 1.2725. The price action today saw sellers against the 100 hour MA early (who pushed lower), and support buyers ahead of London/NY lows from yesterday in the 1.27618 to 1.2767 area.
The price rise is now above the 100 hour MA. That is positive for the buyers. It is the first hourly bar close above the MA since February 26th. However, the price is still below the 38.2% of the move down from the Feb 25 high at 1.28365 and the highs for the week at 1.2843 and 1.2850. Those levels are the minimum targets to get to and through now (with more to come above).
Right now, the focus is if the buyers can keep the momentum going above the 100 hour MA.
UPDATE; Getting a report now that the cases of coronavirus has increased by 34 to 85 in the UK (according to the BBC). That has led to a dip below the 100 hour MA. Buyers are failing.
