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