The GBPUSD is extending higher as dollar selling gathers momentum. Stocks are lower with the S&P and Nasdaq indices now down -0.10%. The US yields are lower with the 10-year now down -2.0 basis points. The 2 year is down -5.0 basis points.
The GBPUSD broke below a consolidation zone between 1.3232 and 1.3241 earlier today, after holding that area as support in yesterday’s trade. The downside momentum carried the pair toward a key swing area between 1.32017 and 1.32067—a zone that acted as resistance and later support during the first half of April. Notably, the price based near that level on April 17 before launching a rally that reached the 2024 high at 1.3433, and briefly extended to the cycle high of 1.34413—the highest since 2022.
Since that peak, price action has been volatile and rangebound. Today's downside break was significant, but lacked follow-through selling, and buyers have since stepped back in, pushing the pair higher. The rebound is now testing the 100-hour moving average at 1.33078 and the 200-hour moving average at 1.33168—key intraday resistance levels that will help determine whether buyers can regain short-term control (see blue and green lines on the chart above).
The moving average levels are midrange barometers or more bullish more bearish. Admittedly, earlier this week, the price traded above and below the moving averages – especially during yesterday's volatile up and down trading. Nevertheless, a move above would be a tilt more in the bullish direction from a technical perspective.
Conversely, find willing sellers here, and the price remains in the bottom portion of the range.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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