GBPUSD remains near lows and is back below the 2020 low

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GBPUSD keeps the sellers in check.

The GBPUSD bounced above and below the 2020 low at 1.1408 and the old 2022 low of September 7 at 1.1404. The price is trying to move further away from those lows in the current hourly bar with the price at 1.1388 currently. The sellers are making a play with the low for the day at 1.1381 targeted.

A move below that low (just because it’s the low) would have traders looking at yesterday’s and last week’s lows at 1.1354 and 1.13458 respectively. Those lows are the lowest levels since 1985.

With the Fed ahead, of course a lot is at stake and volatility will be high.

What we do know is that the 100 hour MA at 1.14496 held resistance today on three fronts. All found sellers are leaning and the price is moving lower after each test.

Moving forward above that level will increase the bullish bias.

Above that, and the 50% move down from the last high on September 14th high comes in at 1.1469 (see above chart).

If I raised the retracement level to the high on September 13, the 38.2% of that move comes in at 1.14978 (call it 1.1500). That will be another advanced goal to achieve and pass more advanced momentum. See the adjusted hourly chart below).

Above that, and the falling 200 hour MA comes in at 1.15211.

Ultimately, outperforming each is necessary to turn the bias from more bearish to more bullish in the short/medium term.

GBPUSD him

IN summary additional goals to change the bias:

  • Falling 100 hour moving average 1.14496
  • 50% of the move down from September 14 high at 1.1469
  • 38.2% retracement of the move down from September 13 at 1.14978
  • 200 hour moving average at 1.15211.

Source

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