13.8 C
Munich

GBPUSD trades to a new session high

Must read


Held support ahead of its 200 hour moving average and sellers are turned buyers

Held support ahead of its 200 hour moving average and sellers are turned buyers_
The GBPUSD has been chopping up and down, but the dip lower, did find willing buyers against its 200 hour MA at 1.3095. Holding above that level, has led to sellers turning to buyers, and the price has moved to a new session will high.  In the process, the 100 hour moving average was broken at 1.39067 and the 100 day moving average was also broken at 1.39192. Stay above those levels is more bullish.

On the the topside the high from yesterday at 1.39569 is also the high for the week. The the pair has been mired in a 85 pip trading range for the week. That it is historically low if it were to remain through tomorrow.  Unless you believe in records (breaking records is not the odds on favorite), the expectations are that the price will break either higher or lower (and hopefully run).  

The buyers are making the “play” now.   Stay above the aforementioned moving averages, keeps the bias tilted in their favor. Move below, and there could be a fast-break toward the low instead.  



Source link

- Advertisement -spot_img

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -spot_img

Latest article