Technical Analysis

GBPUSD trades close to 100 week MA in slender vary forward of modification votes

100 week MA is at 1.3172.

The GBPUSD has been transferring greater in January. The low on January 2nd got here in at 1.2453 (flash crash).  The excessive was just lately reached on Friday at 1.3216. 


100 week MA is at 1.3172.

The rise took the worth proper as much as 100 week MA. That MA is available in at 1.3172 and that’s about the place the pair is buying and selling right this moment on this key modification day vote.  The 38.2% of the transfer down from the 2018 low is available in at 1.31877 (not removed from the present degree as effectively).  The market has returned to a impartial degree (100 week averge is sort of 2 years).  Why not settle proper right here. 

Drilling to the hourly chart, the worth simply moved to a brand new session excessive, cracking above the 1.3172 degree within the proceess. The pair moved as much as the underside of the damaged pattern line at 1.3195. A transfer above that degree would then look towards the excessive from Friday at 1.3216. Above that, the upside opens up.  

On a transfer decrease, a transfer under the 100 hour MA at 1.31152, tilts the bias extra to the draw back. A pattern line is available in at 1.3075. The 200 day MA is at 1.3060 and 200 hour MA at 1.30148. These are the steps on extra draw back momentum.  

GBPUSD hourly chart

Looking on the each day chart, a transfer to new highs will look towards the 1.3257 after which 1.3297. These are swing highs from October and September. 

The daily chart of the GBPUSD

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