GBPUSD extends above swing area and moves away from 200 hour MA

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 is trading to a new high and in the process to has moved above a swing area between 1.3138 to 1.31438. The high price just reached 1.3148.

The pair is also moving away from its 200 hour moving average at 1.31035. Going into the Fed decision the price was trading above and below that moving average level. After the high can dot plot, the price moved to the downside and dipped back below its 100 hour moving average 1.30547. However, sellers turned to buyers and the squeeze was on.

On the topside, the swing highs from last Wednesday and Thursday come between 1.3188 1.31945. Above that, and traders will target the 38.2% at 1.32448.

Close risk is now 1.3138. More conservative risk would be at the 200 hour MA at 1.31035. Now that the 200 hour MA has been broken to the upside (first since Feb 23), the price should stay above if the buyers are serious and ready to make a run.