GBPUSD falls despite higher CPI today, but finds support at the 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 moved lower despite stronger CPI data in the UK today. That move to the downside took the price near the 200 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 1.26844. The price has bounced off of that level, keeping the buyers in play in the pair (watch video above).

On the top side, the rising 100-hour moving out to 1.27779 is the next key upside target. After the CPI, the price did spike above that level but quickly reversed turning buyers into sellers. Getting above that level is needed to increase a bullish bias going forward.

The current price is trading between those levels.

Traders will now eye the 1.2700 area as close support if the buyers are to stay in the game. A move below the 200-hour moving average would likely lead to more selling. The 38.2% retracement at 1.26413 (see chart below) will be the next target. On topside, the 100 hour moving average remains a key target to get to and through.