200 hour MA above. 100 day MA below
The GBPUSD traders have done a pretty good job of playing the technical support and resistance extremes today.
On the downside today, the 100 day MA found dip buyers leaning against ist at 1.23365. On the rebound higher, although the price moved above its 200 hour MA at 1.26437, the momentum could not be sustained, and that was good enough to turn the buyers into sellers.
The pair trades between the two levels around the 1.2600 level.
For the week, the pair closed last Friday right around its 200 day MA at 1.2450. The price traded above and below that 200 day MA with more of a bullish bias into the late Wednesday high at 1.28118 (FOMC spike). Yesterday, the price moved below the 100 hour MA and waffled above and below the 200 day MA at around the 1.2676 level before falling into the close.
Today, the UK had a slew of horrible numbers but still saw the currency move higher. The BOE is hinting of lowering rates to 0.0% and the technicals seem to have put a lid on the rally.
Like the 200 day MA was going to be a key barometer going into this week's trading, the 100 day MA is another key barometer today (and into next week's trading).
