Pound a little higher in light trading so far today

Technical Analysis

Author: Justin Low | gbpusd

Sterling leads gains in the major currencies space but not by a lot

Things are fairly quiet with the dollar's mild gains earlier being pared as major currencies sit more mixed and flattish for the most part so far today.

The pound though is inching slight gains as GBP/USD extends a modest rebound above 1.3800 to 1.3850 currently. A look at the near-term chart:

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GBP/USD H1 05-07
Price action is resting in between the key hourly moving averages at the moment, which suggests that the near-term bias is more neutral.

Buyers are holding a defense of the 100-hour moving average (red line) but sellers are still in the game too with the 200-hour moving average (blue line) and 50.0 retracement level seen @ 1.3866-68 still providing an area to lean on for now.

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