Finds some support buyers near 100 hour MA
The GBPUSD erased all it's gains on the day and did turn negative for a moment. However, since bottoming at 1.3263 , the price has rebounded back into positive territory for the day . The pair closed on Friday around 1.3276. We currently trade above and below the 1.3300 level.
On the way to the downside, the pair fell below the 100 hour moving average 1.32740. That was right around the closing level from Friday. The break did lead to a further move to the session lows. Moving back above the 100 hour moving average in the close from Friday, however, gives the buyers some comfort.
Having said that, that comfort has it's limits. The pair remains below the swing highs from November 11 and November 18 at the 1.3306 to 1.33116 area (see red numbered circles). Earlier today, the price moved above that level and then based against it before moving sharply higher. If the price is to move higher, getting back above that swing area is needed.
So although, the price is above the 100 hour MA and that is a relief for longs, without a move above the swing area, the sellers still hold most of the control now.