GBPUSD remains below its 100/200 hour MAs this week
The GBPUSD traded higher and briefly surpassed the 100 hour moving average 1.33036 after the headline nonfarm payroll came in weaker than expected. However, after looking at the details, the dollar selling reversed and we have seen a move back down toward pre-release levels.
The GBPUSD as traded up and down most of the trading week. The swing highs however, did stay below the higher 200 hour moving average (green line) currently at 1.33216. Ultimately if the buyers are to take more control getting above the 100 hour moving average at 1.3303 AND the 200 hour moving average 1.33216 is needed. Absent that and the sellers are more in control.
On the downside, before the jobs report, the price did move below the low from Wednesday's trade at 1.32607, but momentum could not be sustained (the low reach 1.32537). That makes sense given the risk from the jobs report.
A move below the 1.32607 - and then the low for the day - would increase the bearish bias from a technical perspective and of traders looking toward the spike low from Tuesday's trade at 1.31929 (and perhaps 1.3200 ahead of that level) as the next major downside targets.
SO sellers are more in control given the inability to rise above the 200 hour moving average this week (nor the lower 100 hour MA for long in today's trading).