GBPUSD rockets higher off lows

Technical Analysis

Author: Greg Michalowski | gbpusd

Trading at new highs and above 100 hour MA

The GBPUSD is trading at a new session high after rocketing higher off recent lows.  The pair initially moved lower in the Asian session but found support buyers near the Friday low and the low from March 25 (at 1.36692 and 1.36699 respectively). The low today reached just below those levels at 1.36682 but could not go any further. Seven of the last 8 hourly bars have been to the upside.  The new high just reached 1.3776.

Trading at new highs and above 100 hour MA
On the way back higher, the pair has moved back above the 100 day MA at 1.3682 area and a swing area near 1.37415 to 1.3758. The 100 hour MA was also rebroken at 1.37554.  Intraday traders will be watching the 1.37415 to the 100 hour MA at 1.37554 for support.  On the topside the 200 hour MA at 1.37824 would be the next upside target. The 50% of the move down from the high last Tuesday also is at the 200 hour MA level which increases that levels importance. I would expect sellers to lean on a test of that dual technical level.
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