GBPUSD buyers are making a play above the 100 hour moving average

The GBPUSD GBP/USD The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a Read this Term buyers have successfully pushed the price above its 100-hour moving average Moving average A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).In financial markets, moving averages are often used to analyze stock prices, exchange rates, and ot A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).In financial markets, moving averages are often used to analyze stock prices, exchange rates, and ot Read this Term at 1.21129, reaching a new intraday high of 1.2127. Examining the hourly chart above, it's clear that breaking above the 100-hour moving average took some effort. The market initially attempted this during the European morning session but failed. The price started it's move back to the downside.

The sellers push to the downside, saw the price extend below the 100-day moving average (currently at 1.20369), but that fall stopped short of the rising 200-hour moving average (green line) at 1.20159.

Sellers turned back to buyers on the failed break below the 100-day moving average, leading to the latest upward move and above the 100 hour MA again.

If the price can now maintain its position above the 100-hour moving average, the next upside target area would be the swing region between 1.21342 and 1.21467. This area has been defined by swing highs dating back to February 21. On Monday, the price climbed above this zone, only to fall back below during yesterday's trading. A renewed move above 1.21467 would target the week's earlier highs at 1.2202.