Technical Analysis

What did the GBPUSD’s pop do to the technicals. Effectively…the ping pong buying and selling continues

200 day MA beneath, 100/200 hour MA (swing degree) above

Some are pointing to a Solar report saying the UK has determined to permit unimpeded imports from the EU within the case of a a no-deal Brexit, to be able to preserve items transferring and to stop them from piling up in ports. 

Okay…

Technically, on the day’s lows, the GBPUSD did fall to the 200 day MA and dipped three pips beneath that MA line (low reached 1.30396 vs the 200 day MA at 1.30428).  Final week, there have been comparable cracks that failed.  Truthfully, I anticipated extra this time. It was to not be and sellers turned to consumers, resulting in a scramble larger.  

200 day MA below, 100/200 hour MA (swing level) above

Nevertheless, though off the lows, the pair continues to have hassle in opposition to the 100 and 200 hour MAs at 1.30964-1.3104 (blue and inexperienced strains respesctively).  The excessive value moved to 1.31022.  That space can also be a swing degree over the previous few days. The present value is again down towards 1.3080.

The perfect factor I can say technically, is the pair continues the ping pong buying and selling between the hourly MAs and swing ranges above, and the 200 day MA beneath The pair can also be non-trending.

Finally, there might be a break and run. For now….Ping…..Pong….Ping…..Pong and a few head scratching myself….

ForexLive


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