GBPUSD moves between its 100 and 200 hour moving averages.



GBPUSD trades between its 100 and 200 hour moving averages

The GBPUSD saw a momentum decline in early New York trade, helped by the break through the 100-hour moving average. That moving average is currently coming at 1.26055. The level represents a risk definition level for sellers who are looking for more downside soon. Stay downstairs keeps the vendors happy.

That said, the downtrend stopped just at its 200-hour moving average currently at 1.25591 (and moving higher). Keeping that level gives those traders who are more bullish a bit of comfort.

So there is something for both buyers and sellers from a technical perspective today. Traders who like the upside may lean against the 200-hour moving average at 1.2559 as a risk definition level. A downward move would be needed to increase the bearish bias.

Conversely, sellers who think the uptrend has run its course in the GBPUSD could use the 100-hour moving average as resistance and risk definition level. Staying down is more bearish.

Which way do you like?

The moving averages will help define the next impulse bias, but currently the buyers and sellers are fighting between the levels.



Please enter your comment!
Please enter your name here