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Sunday, August 1, 2021

GBPUSD moves higher and looks to move back above the June low

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The June low came in at 1.3786

The GBPUSD has moved higher off the lowest level since April 16 earlier today. That low reached 1.3730 which was printed soon after the jobs headlines.  However, once the details of the report were fully digested (more mixed), the sellers turned to buyers, and the price moved back higher.

The pair is now trading up on the day and in the process is knocking on the June low at 1.3786. The price just printed 1.37904, but has moved back down to 1.3780 in still somewhat volatile trading.  

Traders will be watching to see if the price can get and stay above that June low.  A move above it would have traders looking toward the 1.337976 low from June 30. Get above that area (see yellow area  in the chart above) and the swing low from Tuesday at 1.38132 and the falling 100 hour moving average of 1.38242, will be the targets. Getting above the 100 hour moving average is a minimum requirement if the buyers are to take more control from the sellers.  

On the downside, the 50% midpoint of the day’s trading range comes in at 1.37602 (see five minute chart below). That is also near the 200 bar moving average on the 5minute chart and the 100 bar moving average on the same chart at 1.3756 to 1.37596 (blue and green lines and the chart below).



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