Price trades above the 200 hour MA for the 2nd time today
The GBPUSD is traded to a new session high (and new week high) as I type. In the process the payer is moving away from its 200 hour moving average at 1.39031.
Earlier in the London/European session, traders try to extend above the moving average level, only to fail and move back to the downside. This is the 2nd shot and the buyers are making a run for it. The next target comes in against the 38.2% retracement of the move down from the February 24 high. That level comes in at 1.39546.
At the lows today, the sellers had their shot on the break of the 1.3856 area. That was the base against the lower extreme (see red shaded area) that was left behind during yesterday's trade. The price moved to a low of 1.33448 before failing. The low seen in the London morning session found support buyers against the 1.3856 area, based and moved higher.
The sellers had their shot. Now the buyers are taking their shot above the key 200 hour MA. Can they stay above now? That is the close risk for buyers now.
