100 week MA at 1.3196 space
The worth of GBPUSD is transferring to a brand new session low and within the course of has moved again to the 100 week MA on the 1.3196 space. The worth on Tuesday closed above that MA line and prolonged to a excessive of 1.3349. That was the very best degree since July 9, 2018 wehn the value topped at 1.3161. The worth can be again towards the damaged 38.2% of the transfer down from the 2018 excessive. That is available in at 1.3203.
The transfer again to the realm takes among the bull out of the market. The extent is extra impartial as we glance towards the week’s shut.
Drilling to the hourly chart, the value is again under the 100 hour MA at 1.32403. The worth final moved under the 100 hour MA on Feb 22 (just for a number of hours). For subsequent week, that MA will assist to outline the bias. Keep under, can be extra bearish.
The following targets into subsequent week can be down at a decrease pattern line at 1.3158 (and transferring increased) and the 200 hour MA at 1.31443 (and transferring increased). The worth has not traded under that MA since February 15.
Regardless of the transfer again decrease over the previous couple of days (and fall under the 100 hour MA), the pair is ending the week nicely off the shut from final week (at 1.3048). The worth can be nonetheless nicely above the 38.2% of the final transfer hiigher (from the Feb 14 low). So you possibly can’t be too bearish. Nevertheless, the transfer again to the 100 week MA is a bit disappointing and the transfer under the 100 hour MA immediately, has tilted a few of bias again to the draw back into the shut.