Held support at the 200 hour MA
As per the earlier post, the GBPUSD was looking to test the 200 hour moving average currently at 1.26283. The low reached 1.26323. Buyers lean against the level and pushed the price higher.
At the time, I wrote:
Should the 200 hour moving average hold support, keep an eye on what happens if the price heads back toward the 200 day moving average at 1.26751. If sellers show up there, look for a rotation to and through the 200 hour moving average to eventually occur. If the 200 day moving average is rebroken, we could see a retest of the 100 hour moving average currently at 1.27085.
The market is watching what happens now at the 200 day MA.
The price has just moved above the MA level as I type but has rotated back below the moving average level. Sellers are trying to keep the control. Can they keep the lid on the pair. If not a retest of the 1.27000-1.2708 level would be the next upside target.
