Can the price get back above and stay above the MA now?
The GBPUSD earlier in the US session extended above its 200 hour moving average (green line), but found sellers near a swing area between 1.37247 and 1.37332. The high reached for the day 1.37282 before moving back to the downside.
The corrective move lower did move down to 1.36953 before finding buyers again. That lower as well above the 100 hour moving average at 1.3576.
Currently, the price is back up retesting the 200 hour moving average 1.37132. Can the buyers continue to push higher and get back above this key moving average?
If the price is to extend above the 200 hour moving average, the 38.2% retracement of the move down from the September 14 high cuts across at 1.37247. Breaking above that level is another minimum requirement if the buyers are to take control.
If the price cannot get and stay above the 38.2% retracement, the corrective move is still rather weak and certainly not indicative of the buyers taking more control from the sellers.
