The GBPUSD moves higher and above the 200 bar MA on the 4-hour but backs off

Technical Analysis

Author: Greg Michalowski | gbpusd

200 bar MA on the 4-hour comes in at 1.30409

The GBPUSD has moved higher in trading today helped by decent jobs data. The price rise did take the price above the 200 bar MA on the 4-hour chart at 1.30409, but the price has since backed off. We currently trade at 1.3025 area.  

200 bar MA on the 4-hour comes in at 1.30409
The run to the upside was helped technically after basing today at the 200 hour MA AND 50% retracement of the move up from last week's low. That level at 1.29702, gave buyers the reason to buy. The data helped the continuation of the run.

Between the 200 hour MA below and the 200 bar MA on the 4-hour chart above sits the 100 hour and 100 bar MA on the 4-hour chart at 1.3011 area. With the price tilting back lower, those MAs will be an intermediate barometer for both the buyers and sellers.  Bounce off of it and the buyers remain in control. Move below it, and we could head back toward the 200 hour moving average/50% retracement.

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