GBPUSD bounces back toward the 200 hour MA

Technical Analysis

Author: Greg Michalowski | gbpusd

Pair runs back higher into the London fixing

The GBPUSD moved lower earlier in the session but did find support buyers near the 50% retracement of the range since April 12 at 1.38383. The move off that level higher could not hold below the swing area between 1.3877 and 1.38616 (see earlier post). Sellers tilted back to the buy side and the price moved higher into the London fixing. 

Pair runs back higher into the London fixing
The run back to the upside has gotten close to the 200 hour moving average at 1.3890. The high just reached 1.38874 just ahead of the fixing at 4 PM GMT. If the buyers are to take more control, getting above both the 200 and 100 hour MAs (the 100 hour moving averages at 1.38984) would be needed.   For now the lower 200 hour moving average is putting a lid on the pair like it did earlier in the day.  

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