GBPUSD presses against the high from last week

Technical Analysis

Author: Greg Michalowski | gbpusd

Earlier break of 100 hour MA, swing area and trend line

The price of the GBPUSD has been consolidating over the last few hours just below the high from last week at 1.37451. The high price reached 1.3742 and backed off. The low since peaking has seen the price fall to 1.37171. That took the price below the high from yesterday at 1.37228. However, the price has been able to stay above that old high over the last two hourly bars so far. 

Earlier break of 100 hour MA, swing area and trend line
If the price can stay above that level, the buyers remain in firm control. More conservative risk is down at the swing area and the underside of the broken trend line in the 1.3700 to 1.37088 area.  That area has been home to a number of swing highs and lows going back to January 4th.  The move above today was able to stay above, giving the buyers confidence of more upside potential. 
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose