The better productivity data out of the US sent the dollar lower and the GBPUSD higher. The price extended up to the 100 hour moving average and swing area nearly 1.22212 level. The high price just reached 1.2225 and has backed off a bit. The price currently trades at 1.2210.
Yesterday admittedly the price did move above the 1.2221 level on two separate occasions in what was a volatile up and down day that got move volatile as the day wore on.
In the Asian session, the 200 hour MA and 200 day MA were broken but could not be sustained. The price of the GBPUSD has been chopping higher and away from those MAs today.
So the 100 hour MA and swing area are giving some traders a low risk opportunity. Sell against with a stop above is the trade. The broken 38.2% at 1.21739 are downside targets. Move above and the door should open for more upside momentum (but watch for potential failures like what happened yesterday).
