The GBPUSD has reestablished a short-term bullish bias after a failed downside break last week. During that break, sellers had their shot as price moved below both the consolidation red box floor (see chart above), and then the 38.2% Fibonacci retracement (at 1.31603), but that break quickly reversed. The inability to sustain the move lower - and the base at the 38.2% after the failed break - gave buyers the green light to step back in—and they did.
The price moved back above the 100-hour MA (see blue line on the chart above) on Tuesday of last week, and apart from a failed break below it, and a swing level at 1.3259 on Friday, the buyers remained in control.
Yesterday, the price pushed back above the 100-hour moving average (1.3315 currently) and also away from the 200-hour moving average (1.32854 currently), confirming the rejection of the bearish move and reinforcing bullish momentum. The 100-hour MA is now acting as dynamic support, keeping the near-term upside bias intact. Staying above is more bullish. That is close support.
The price action today (and going back to the extreme from yesterday), has seen up-and-down volatility. There is a swing area between 1.33619 to 1.33784, which has been a messy resistance area this week with failed breaks. However, the high price from yesterday did find willing sellers near the high from May 6 at 1.34018. That increases the levels importance going forward.
Overall:
Get and stay above 1.33784 adn then the 1.34018 will then target highs for the year at 1.3423, 1.3433 (high from 2024) and 1.34413 (high for the year). Move below the 100 hour MA at 1.3315 takes some of the wind out of the buyers sails. Below that, the 200 hour MA at 1.3285 would need to be broken to add to selling momentu. This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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