GBPUSD retests low for the day in up and down trading

Technical Analysis

Author: Greg Michalowski | gbpusd

The price is below the 200 hour MA and tests swing lows near 1.3567

The GBPUSD has seen volatile up and down trading action today. The early European session swing low came down to 1.3567. That was near the swing low from last Thursday's trade at 1.3569. The bounce off that level took the price back above the 200 and 100 hour moving averages on its way to a swing high at 1.36367. That level fell short of a swing area between 1.3640 and 1.3654.

The price is below the 200 hour MA and tests swing lows near 1.3567
The subsequent fall took the price back below those two moving averages (blue and green lines and to a retest of the earlier session low (see red numbered circles).

Needless to say, the price action has seen volatile up and down action with a discernible floor at 1.3567 holding (at least for now). A break below that floor would open the door for further downside momentum and tilt the bias more in that direction. 

Until then, support is support. The 200 and 100 hour moving averages will continue to be upside barometers. Get above would be more bullish.

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