100 hour moving average currently at 1.34455
The GBPUSD this seen up and down and back up trading today. The low for the day reached 1.34026. The high for the day the near the and of the London morning session reached 1.34429. The current price is at 1.3439.
The consolidation seen over the last three trading days, has allowed the falling 100 hour moving average price (blue line) to catch up with the current price. The 100 hour moving average is currently at 1.34455 (and moving lower). That moving average is also just below the 38.2% retracement of the move down from last week's high at 1.34494. Getting above both and staying above should increase the bullish bias and lead to more upside corrective probing. The 1.3449 level was also a swing low from last Monday's trade.
Recall from last week, the price of the GBPUSD moved to the lowest level since December 2020. On the move lower it took out the September low at 1.3411. The low price today reach 1.34026 - below that 1.3411 level - but could not sustain downside momentum.
The 1.3411 to 1.34494 area is home to number of key swing lows going back to September 29. It should be a barometer for the buyers and sellers. Move above is more bullish with the 50% of the range last week at 1.3479 as a upside target followed by the downward sloping trendline at 1.3488 and the falling 200 hour moving average at 1.3498 has other upside targets.
