GBPUSD remains contained by moving averages
GBPUSD has the 100 day moving average above at 1.2497 and the 100 hour moving average below at 1.24397
Through the market gyrations post FOMC, the GBPUSD remains contained by moving averages above and below.
On the topside the 100 day moving average comes in at 1.24972. The high price has reached 1.24922. On the downside the 100 hour moving average currently comes in at 1.24397. The low price has reached 1.2445 so far. We currently trade at 1.2483.
The EURGBP has moved lower (stronger GBP) and is trading now below its 200 day moving average at 0.8834 (low has reached 0.8825 so far). Staying below will have traders looking toward the 0.88045 level. That is the 61.8% retracement of the move up from the 2019 low (in March) to the 2019 high (in August).
PS....The GBP support is being attributed to a headline from DUPs Foster saying he believes that with flexibility on all sides solution can be found.