Technical Analysis

GBP/USD climbs to 1.2800, closes in on 100-hour MA

GBP/USD climbs to session highs as risk-off tones continue to ease

ForexLive

Buyers have managed to navigate through resistance around the 1.2792 level and now the figure level is eyed. Offers there are what is helping keep the pair from shooting higher for the time being but buyers are clearly eyeing a move towards the 100-hour MA (red line) @ 1.2815 at the moment.

The last time the pair traded around or close to the 100-hour MA was back on 2 August. Sound familiar? Well, that was BOE day.

For sellers, it’s important to keep price below the 100-hour MA to maintain the near-term bearish bias. Otherwise, we could potentially see further retracement towards the 1.2900 handle if the near-term level gives way.

Articles You May Like

A Simple Forex Trading Strategy ANYONE Can Do Without A Lot of Technical Analysis!
Oil is having a solid day but can the gains last the course?
IMF’s Lipton: We still see the global economy as sluggish
Gold pulls back from multi-year high after New York Fed’s statements
Pound stretches gains on upbeat retail sales data, runs into key near-term resistance levels

Leave a Reply

Your email address will not be published. Required fields are marked *